Circle And Paxos Unveil Plans For Next-Gen Verification Of Crypto Transactions
Circle (CRCL) and Paxos, are leading a new initiative aimed at enhancing the verification of crypto holdings. According to a Bloomberg report, the firms have partnered with Bluprynt, a fintech startup founded by Chris Brummer, to pilot a new approach that leverages cryptography and blockchain technology. Enhanced Transparency In Stablecoin Market? The pilot program is […]
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Paxos, a regulated blockchain company, recently presented the basket of resources that back its stablecoins. Paxos Standard (PAX) and Binance USD (BUSD) are reportedly backed almost 100% by cash and cash equivalents. Dan Burstein, CCO of Paxos, harshly criticized Tether and Circle, issuers of other stablecoins, stating their products we’re not really stablecoins. Paxos Reveals Stablecoin Backing Basket Paxos, a blockchain-regulated company, revealed the basket of assets backing their issued stablecoin on Wednesday. The company, which issues Paxos Standard and Binance USD, two....
The approvals came after the Monetary Authority of Singapore issued two consultation papers that proposed to ease regulatory hurdles for digital asset service providers. Stablecoin issuers Circle and Paxos have each received approvals for their respective licenses from the Monetary Authority of Singapore (MAS), the city-state's central bank.Circle received in-principle approval for a Major Payments Institution License allowing it to issue cryptocurrencies and facilitate domestic and cross-border payments while Paxos received its license to offer digital payment token services.Circle and....
In a recent development, the stablecoin issuers Circle and Paxos have received approvals in Singapore. According to the report, the Monetary Authority of Singapore (MAS) signed the licenses for the firms. Regulatory licenses and approvals have become mandatory in almost all jurisdictions for crypto-related companies. Most countries are using regulatory approvals as a measure to […]
The digital currency and stablecoin issuer Paxos has been granted conditional approval for a bank charter under the Paxos National Trust in New York. The U.S. Office of the Comptroller of the Currency issued a preliminary conditional approval which means the regulating entity still has to authorize the firm’s future banking plans. Paxos Granted Preliminary Conditional Approval for a US Bank Charter The New York-based financial institution and technology company Paxos has been granted preliminary conditional approval for a bank charter by the Office of the Comptroller of the Currency....
The Latin American e-commerce platform selected Brazil to kick-off crypto payments via its MercadoPago application. MercadoPago, the fintech arm of e-commerce giant MercadoLibre, has enabled its Brazilian customers to buy, sell and hold Bitcoin (BTC), Ether (ETH) and the Paxos-issued U.S. dollar-backed stablecoin Pax Dollar (USDP). In a statement issued Thursday by U.S.-based Paxos, the blockchain infrastructure platform used by PayPal and Facebook, the partnership between MercadoPago and Paxos will allow users to pay for all products sold on the platform using cryptocurrency.Today marks....