Paxos – Page 2 – DIGIT INFO

Binance denies fund mismanagement allegations, calls it ‘conspiracy theory’

A mainstream report citing multiple insiders claimed that Binance mingled customer’s funds with corporate funds at Silvergate Bank.

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With Close to 10 Billion Stablecoins Redeemed, BUSD’s Supply Drops to Lowest Level Since April 2021

Statistics recorded on April 15, 2023, show that the number of coins in circulation for the stablecoin BUSD dropped below the 7 billion range to 6.68 billion, marking the lowest number of BUSD in circulation since April 2021. Furthermore, data indicates that the supply of BUSD has shrunk by 19.8% over the past 30 days. […]

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Enterprises should seek partners and solutions during the crypto winter: Paxos report

“We need more transparency over the reserves of these stablecoins, which I think we’re going to see,” Clara Medalie said.

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Paxos set to withdraw from Canada amid regulatory uncertainty

Paxos assured its customers that their funds would “remain safely” in their accounts, but advised users to withdraw all balances from their accounts at their earliest convenience.

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Tether supply hits $80B for the first time since May 2022 — stablecoin rivals stumble

Tether supply across cryptocurrency exchanges has dropped 28% in 2023, however, hinting at an overall decline in demand for stablecoins.

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Binance Converts $1 Billion BUSD Into Bitcoin, BNB, and Ethereum

On Monday, Binance CEO Changpeng Zhao, also known as CZ, announced that the company had decided to convert $1 billion worth of BUSD from the Industry Recovery Initiative fund into three different cryptocurrencies. Zhao noted that significant onchain movements would be noticeable following the announcement. CZ’s Decision to Convert $1 Billion BUSD Comes Amidst Troubles […]

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Coinbase, Celsius and Paxos disclose funds in Signature Bank

The crypto-friendly Signature Bank was a key partner for many crypto firms, some which have been voluntarily disclosing their exposure to the recently closed firm.

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Silvergate Bank Announces Voluntary Liquidation as Crypto Industry Woes Persist

At 4:30 p.m. Eastern Time, Silvergate Bank announced its intention to wind down the crypto-friendly bank’s operations and voluntarily liquidate the company’s assets. The news follows significant financial troubles the bank faced, and the firm’s stock plummeted in value. Details of Silvergate’s Wind Down and Liquidation Plan Over the last six months, Silvergate Capital Corporation’s […]

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Redemption and Reshuffling: BUSD’s Exit From Top 10 Cryptocurrencies Shakes Market Valuations

It has been 21 days since Paxos revealed that it would no longer mint the stablecoin BUSD. Since then, over 7 billion BUSD stablecoins have been redeemed. Prior to the announcement, BUSD was once a top-ten crypto asset. However, the top ten cryptocurrencies by market valuation have changed since the redemptions. Presently, there are only […]

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Here’s how Binance is mitigating its stablecoin needs after BUSD ban

The recent action from Binance comes in the wake of NYDFS ordering BUSD issuer Paxos to stop minting new BUSD.

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