Circle CEO, Paxos, and Trueusd Speak on Binance’s Stablecoin Auto-Conversion ...
On September 5, Binance explained that it planned to drop a number of usdc trading pairs and auto-convert specific stablecoin balances into busd by September 29. While the move was controversial among crypto proponents on social media, Circle Financial CEO Jeremy Allaire explained that the change “will likely lead to more usdc flowing to Binance.” Circle’s Jeremy Allaire Thinks Binance’s Forced Stablecoin Conversions Will Likely Lead to More USDC Flowing to the Exchange Circle’s CEO Jeremy Allaire spoke about Binance’s recent move to....
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Just like Binance, India-based exchange WazirX will implement BUSD auto-conversion for balances of USDC, USDP and TUSD at a 1:1 ratio in October. Major Indian cryptocurrency exchange WazirX has opted to delist the USD Coin (USDC) from its platform and convert the remaining balances into Binance-backed Binance USD (BUSD) stablecoin.WazirX officially announced on Monday that it has stopped deposits of USDC alongside other stablecoins like Pax Dollar (USDP) and TrueUSD (TUSD).According to the announcement, the platform will instead offer the BUSD stablecoin to enhance liquidity and capital....
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 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....
The crypto exchange was responding to questions from Cointelegraph after announcing it would cease trading support for USDC and two other stablecoins this month. Crypto exchange giant Binance has confirmed it has no plans to “auto-convert” Tether (USDT) to Binance USD (BUSD) at the moment, though noted that this “may change.”On Sept. 6, the crypto exchange surprised the market with the announcement it will cease trading support for U.S. dollar-pegged stablecoin USD Coin (USDC) on its platform, along with USDP Stablecoin (USDP) and TrueUSD (TUSD). Any users that are still holding the three....
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....