The approval followed a similar move by regulators in Singapore, where Paxos said its local entity would launch a U.S. dollar-backed stablecoin.
Paxos News
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The USD-backed token will comply with Singapore’s upcoming stablecoin laws and be issued through a new local Paxos entity that’s received initial approval.
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PayPal launched its U.S. dollar-backed stablecoin in August 2023.
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Chun’s reservations about whether to return the funds to Paxos stems from him being “annoyed” that “the person claiming it (the funds) kept saying EST instead of EDT/UTC.”
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The total assets held in PayPal USD custody “meet or exceed the token balance,” with total tokens outstanding amounting to $44.4 million as of Aug. 31, a Paxos report states.
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Paxos has earlier said it would halt support of Binance’s stablecoin by February; now the exchange has said it will also stop support by that time.
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The move provides PAX coin access to Mexico’s 3.1 million-plus cryptocurrency users.
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The new exchange does not custody customer funds itself to avoid a conflict of interest — and a hot-button issue with the SEC.
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After a dip of over $1 billion in the past 30 days, BUSD now sits fourth in market capitalization among stablecoins.
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A mainstream report citing multiple insiders claimed that Binance mingled customer’s funds with corporate funds at Silvergate Bank.
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Tether and Circle have been leading lobbying efforts among stablecoin issuers as they push for legislation and regulations for stablecoins.
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“We need more transparency over the reserves of these stablecoins, which I think we’re going to see,” Clara Medalie said.
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Paxos assured its customers that their funds would “remain safely” in their accounts but advised users to withdraw all balances at their earliest convenience.
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The supply of USDT across cryptocurrency exchanges has dropped 28% in 2023, hinting at an overall decline in demand for stablecoins.
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The crypto-friendly Signature Bank was a key partner for many crypto firms, some which have been voluntarily disclosing their exposure to the recently closed firm.
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