Stablecoins, the cryptocurrencies pegged to fiat currencies like the U.S. dollar to keep their value steady, can still face failures. Several well-known examples demonstrate that maintaining stability is more challenging than it appears. So, how does something designed to be ‘stable’ unravel? A Historical Review of Stablecoin De-Pegging Incidents There’s no doubt that these stablecoins […]
]]>The SEC has officially ended its investigation into Paxos, concluding that BUSD is not a security. Back in 2022, BUSD was a major player among stablecoins, boasting a market cap of about $23 billion. However, an investigation by the SEC led Binance to delist BUSD and remove it from all trading pairs. 
BREAKING: 
SEC officially gives up on stablecoin issuer Paxos investigation, declares $BUSD is not a security. #Bullish 
— CoinEcho (@mycoinecho) July 11, 2024 At a time when interest rates stood at 5.5%, the $23 billion in BUSD could have generated approximately $1.265 billion in a year
The post SEC Ends Investigation Into Paxos: BUSD Declared Not A Security appeared first on The Merkle News.
]]>
The Securities and Exchange Commission (SEC) has decided to end its investigation into Paxos, a New York-based issuer of stablecoins, suggesting that stablecoins may not be treated as securities in most cases. This decision comes more than a year after the SEC sent Paxos a Wells Notice concerning the BUSD stablecoin, which is backed by […]
]]>
The U.S. District Court for the District of Columbia has dismissed several claims in the U.S. Securities and Exchange Commission (SEC)’s case against Binance and its affiliates. This includes allegations related to secondary BNB sales and the sale of the stablecoin BUSD. However, the majority of the claims against the crypto exchange will proceed. Some […]
]]>
Judge Amy Berman Jackson however dismissed the SEC’s claim that BNB is traded illegally on secondary markets, citing the Ripple decision.
]]>
The SEC derided Binance’s request to have the regulator’s suit thrown out, claiming the crypto exchange hasn’t correctly applied the law.
]]>
Stablecoins from Circle and MakerDAO have been more unstable than those from Tether and Binance over the past couple of years, according to a new report from S&P Global.
]]>
Paxos has earlier said it will halt support of Binance’s stablecoin by February 2024, now the exchange has said it will also stop support by that time.
]]>
Proponents say PayPal’s PYUSD could see Ethereum become the money layer of the internet, while opponents argue that it’ll act like a poorly designed CBDC.
]]>
While several top digital assets have decreased in value against the U.S. dollar over the past month, the stablecoin economy has lost $2.4 billion in value since March 31, 2023. Four of the top five stablecoins experienced net redemptions over the last 30 days, except for tether, which grew by 2.3% during that time. Four […]
Powered by WPeMatico
]]>