The new exchange does not custody customer funds itself to avoid conflict of interest – and a hot-button issue with the SEC.
BUSD falls to fourth position among stablecoins
After a dip of over $1 billion in the past 30 days, BUSD now sits at the fourth position in market capitalization among stablecoins.
MakerDAO Hikes DAI Savings Rate, Ousts Paxos Dollar, Curbs Gemini Dollar in Reserve
The move could redefine baseline interest rates in the DeFi space, spurring higher stablecoin lending rates and making leverage more expensive, one analyst noted.
MakerDAO Votes to Ditch $500M in Paxos Dollar Stablecoin From Reserve Assets
The result is a significant blow for Paxos as MakerDAO currently holds roughly half of USDP’s total supply.
Binance denies fund mismanagement allegations, calls it ‘conspiracy theory’
A mainstream report citing multiple insiders claimed that Binance mingled customer’s funds with corporate funds at Silvergate Bank.
Enterprises should seek partners and solutions during the crypto winter: Paxos report
“We need more transparency over the reserves of these stablecoins, which I think we’re going to see,” Clara Medalie said.
Paxos set to withdraw from Canada amid regulatory uncertainty
Paxos assured its customers that their funds would “remain safely” in their accounts, but advised users to withdraw all balances from their accounts at their earliest convenience.
Blockchain Financial Services Firm Paxos Sets Withdrawal From Canada
Paxos, whose businesses include crypto brokerage and stablecoin issuance, is exiting the Canadian market, effective June 2, according to a posting on its website.
Tether supply hits $80B for the first time since May 2022 — stablecoin rivals stumble
Tether supply across cryptocurrency exchanges has dropped 28% in 2023, however, hinting at an overall decline in demand for stablecoins.
Tokenized Gold Surpasses $1B in Market Cap as Physical Asset Nears All-Time Price High
Tokenized gold is a type of stablecoin that pegs its price to gold, while the tokens on the blockchain represent ownership of physical gold managed by the issuer.
Binance Depositors Flee Following CFTC Charges, On-Chain Data Shows
Crypto users have withdrawn roughly $400 million on Ethereum from Binance in the past 24 hours, while Paxos, issuer of the Binance USD, has burned more than $155 million BUSD in the past four hours.
Coinbase, Celsius and Paxos disclose funds in Signature Bank
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.
Crypto Stakeholders Say No Exposure to Shuttered Silvergate
Binance, Coinbase, OKX, and Paxos have all released statements.
Here’s how Binance is mitigating its stablecoin needs after BUSD ban
The recent action from Binance comes in the wake of the NYDFS ordering BUSD issuer Paxos to stop minting new coins.
Binance USD Stablecoin Market Cap Falls Below $10B After Coinbase Delisting
Liquidity is deteriorating for Binance USD as crypto investors have redeemed some $7 billion of tokens from issuer Paxos since regulators ramped up pressure on the stablecoin.
Coinbase cutting ties with Silvergate forces crypto hedge fund to find a new bank
A total of five crypto companies ended their partnership with Silvergate Bank on March 2 after a series of lawsuits and investigations against the bank.
MicroStrategy, Tether adds to firms distancing from Silvergate as stock dives 57%
MicroStrategy confirmed that none of its 130,000 BTC is custodied by Silvergate. However, the firm does have a loan to pay off to the bank by Q1 2025.
Circle, Paxos, Bitstamp and Galaxy join Coinbase in scaling back partnerships with Silvergate Bank
Silvergate is reportedly facing an investigation from the United States Department of Justice over its alleged role in the FTX collapse, involving Sam Bankman-Fried’s account.
Coinbase CEO Armstrong: We Delisted BUSD Due to Liquidity Concerns
Coinbase CEO Brian Armstrong said the exchange decided to suspend trading of Binance USD (BUSD) because the company had concerns about its liquidity.
Crypto Lobbying Needs a Reset: More FTC, less SEC
Of all the Securities and Exchange Commission’s actions against crypto entities that have stirred the industry’s ire, the agency’s recent move forcing New York-based Paxos to cease issuing its partner Binance’s BUSD stablecoin is the most deserving of an outcry. How, critics rightfully asked, can a token that’s explicitly designed not to fluctuate in price be considered a security?