The destiny of dollar-pegged stablecoins in query: Regulation Decoded, Feb. 13–20

New week, a brand new component of the crypto ecosystem is below assault. This time, the US Securities and Change Fee (SEC) ordered Paxos Belief to cease issuing Binance USD (BUSD) — a dollar-pegged stablecoin. Paxos obtained a stop order from the New York Division of Monetary Providers (NYDFS).

With no different alternative, Paxos introduced that from Feb. 21, it might finish its relationship with Binance for the branded U.S. dollar-pegged stablecoin BUSD. All current BUSD tokens will stay absolutely backed and redeemable via Paxos Belief Firm till “not less than February 2024.” Prospects can redeem their funds in U.S. {dollars} and convert their BUSD tokens to a different Paxos-issued stablecoin, Pax Greenback (USDP). On the similar time, the firm “categorically disagreed” with the SEC’s opinion that BUSD is a safety.

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