BUSD Redemptions Soar Near $290 Million in 8 Hours After NYDFS Consumer Alert – Bitcoin News

the U.S. Securities and Exchange Commission had sent Paxos a Wells Notice regarding potential charges. Earlier reports also claimed the New York Department of Financial Services was investigating Paxos.stating that it was cooperating with the New York Department of Financial Services and would cease minting

. The company added that “existing tokens will remain fully-backed and redeemable through Paxos Trust Company three ough at least February 2024.” Alongside the Paxos press release, the New York regulator issued aSince Paxos announced it would no longer mint on Monday and redeem tokens until Feb. 2024, redemptions have soared with nearly $290 million worth redeemed in less than eight hours.

trade volume has climbed 18% higher within that timeframe as well.

Going to USDT. better not to usdc.

Engineered stablecoin bank runs, don't have the same result as the legacy bank runs SECfailedwaroncrypto

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Circle blew the whistle on Binance reserves to NYDFS: ReportStablecoin issuer Circle reportedly uncovered blockchain data suggesting Binance’s reserves were insufficient to support its token and sent the information to the NYDFS. What goes around comes around, Circle USDC is a register US bank. Use them and we’re back to square 1. Whistle blowers cannot have both hands in the honeypot. These are at best mofos imho!
Source: Cointelegraph - 🏆 562. / 51 Read more »