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The cryptocurrency market has been rattled by the recent collapse of SVB and the subsequent depegging of stablecoins. This incident has highlighted the need for greater transparency and accountability from stablecoin issuers and the importance of regulatory oversight in ensuring the stability of the cryptocurrency market.
The USDP stablecoin lost its peg briefly on Feb. 10 after falling to $0.98. The New York Department of Financial Services (NYDFS) is reportedly probing Paxos.
Paxos, the company that issues Stablecoins, has come forward with a new proposal in which it suggests the payout of monthly marketing fees to MakerDAO, the top decentralized finance (DeFi) protocol, to boost the use of its Pax dollar (USDP).
Paxos, the company that issues Stablecoins, has come forward with a new proposal in which it suggests the payout of monthly marketing fees to MakerDAO, the top decentralized finance (DeFi) protocol, to boost the use of its Pax dollar (USDP).
In a new proposal, Stablecoin issuer Paxos proposed the payment of monthly marketing fees to the leading decentralized finance (DeFi) protocol, MakerDAO, to promote the use of its Pax dollar (USDP) within the Maker ecosystem and increase the USDP ceiling to 1.5B USDP.
Many investors are being saved by stablecoins from the almost inevitable volatility of the cryptocurrency market. Investors buy stable coins every day because they provide better security against cryptocurrency volatility.
Paxos has proposed a partnership with MakerDAO that will essentially increase the Paxos dollar (USDP) backing for the DAI stablecoin issued by the Maker protocol.
The proposal by Paxos is part of MakerDAO's effort to generate income on its $7 billion digital asset reserve.
As markets are collapsing, more and more stablecoins are increasing their market shares: Meet most promising newbies
Stablecoins explained: In simple terms, a stablecoin is a digital currency that retains its value because it's backed by the value of an underlying asset, which can be anything from fiat currency to oil and gold, or sometimes even cryptocurrency. The post Best Stablecoins, Rated and Reviewed for 2022 appeared first on Bitcoin Market Journal.
India-focused crypto exchange WazirX will unlist three leading stablecoins — Circle's USDC, Paxos' USDP, and TrueUSD's TUSD — effective September 26. In a statement, the company said that users could withdraw their funds by October 5, after which these stablecoins will automatically be converted into BUSD.
WazirX will no longer support the stablecoins USDC, TUSD, and USDP. Instead, it will push for adopting Binance's BUSD.
Indian cryptocurrency trading platform WazirX has announced it will be delisting USD Coin (USDC), USDP, and TUSD in a move that is similar to its so-called parent company, Binance Exchange
The crypto asset exchange Wazirx is following Binance's move by delisting a number of stablecoins and automatically converting them to BUSD at a 1:1 ratio. Wazirx customers have until September 23 to withdraw their stablecoins if they don't want the funds converted.
The decision to transition to greater BUSD support comes after WazirX and Binance last month got into a public spat over the Indian firm's ownership. The post WazirX exchange to delist stablecoins USDC, USDP, and TUSD appeared first on The Block.
The world's largest crypto exchange is “consolidating” liquidity around its own stablecoin, BUSD – in a move that could benefit Circle and harm Tether.
The largest cryptocurrency exchange in the world, Binance has announced that it will auto-convert USDC, USDP, and TUSD to Binance USD.
Binance has shaken the stablecoin space, announcing it will automatically convert USDC, USDP, and TUSD into its own stablecoin.
On Monday (September 5), Binance announced that it will no longer support the use of fiat-collateralized stablecoins $USDC, $USDP, and $TUSD for trading, and instead “users' existing balances and new deposits” will automatically get converted to $BUSD at a 1:1 ratio.
Binance announced its BUSD auto-conversion program, a company blog post said Monday (Sept. 5), which converts one-to-one USDC, USDP and TUSD stablecoins to Binance's own BUSD.
The action effectively removes the world's second biggest stablecoin USDC as a tradeable asset on Binance's platform.
Bitcoin.com Wallet has announced the addition of more ERC-20 tokens to its list of supported assets. We tell you more about this.
Paxos, the regulated blockchain infrastructure platform, has disclosed the “specific” financial instruments backing its “regulated” stablecoins USDP and BUSD. Moving forward, Paxos will “provide these detailed disclosures on a monthly basis in addition to its attestations.
Paxos Trust became the first stablecoin issuer to reveal the composition of its reserves for Binance USD (BUSD) and the Pax Dollar (USDP). The post Paxos Trust Reveals USDP and BUSD Reserves in Challenge to Other Stablecoin Issuers appeared first on BeInCrypto.
