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Tag Archives: paxos

SEC Drops Investigation Into Paxos For BUSD Stablecoin

Paxos – the blockchain infrastructure platform behind the Binance USD (BUSD) stablecoin – announced on Thursday that regulators have forfeited their investigation into the firm concerning its dollar-pegged tokens. The result represents a major legal victory for crypto at large, where thick fog has surrounded the legal classification and regulatory treatment of stablecoins. Paxos Prevails Over The SEC After beginning its investigation of BUSD in February 2023, the Securities...

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Paxos Reportedly Downsizes Workforce by 20%: Details

Stablecoin issuing company Paxos has laid off 20% of its workforce, decreasing its employee count by 65 individuals, Bloomberg reported Thursday, citing an internal email. According to the report, Paxos’ chief executive officer and co-founder Charles Cascarilla said the reduction in headcount would allow the company to capitalize on future opportunities in the tokenization and stablecoin sectors. Paxos intends to phase out some of its services to focus on tokenization and...

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Paxos Announces USDP Stablecoin Expansion on Solana; Unveils Public Launch Date

The New York-based stablecoin issuer – Paxos – announced a strategic expansion of its stablecoin issuance to the Solana blockchain platform, which was previously exclusive to Ethereum. Paxos said it plans to make USDP available to the public on Solana starting January 17, 2024. This move marks a significant milestone for Paxos in the competitive stablecoin landscape, where rivals such as Circle and Tether are also racing for market dominance. Paxos’ Solana Expansion Paxos...

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Paxos to Issue New US Dollar-Backed Stablecoin in Singapore

The in-principle approval granted by the Monetary Authority of Singapore positions Paxos to offer digital payment token services, marking a significant step towards establishing a foothold in the Singaporean market. Blockchain infrastructure firm Paxos has announced plans to issue a US dollar-backed stablecoin for its customers in Singapore. The initiative comes after Paxos reportedly received preliminary approval from the Monetary Authority of Singapore (MAS), paving the way for the...

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Crypto.com Teams Up with PayPal and Paxos to Boost PYUSD Position

Despite entering the list of approved digital assets, PayPal’s PYUSD stablecoin may not experience the instantaneous adoption initially anticipated following the launch.  Crypto.com, a Singapore-based digital assets trading platform, has formed a strategic alliance with PayPal and Paxos to strengthen its global standing as the preferred exchange for the PayPal stablecoin PYUSD. The move builds on the existing business relationship between PayPal and Crypto.com, enabling users to fund their...

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Paxos Affirms PYUSD Stability with New Transparency Report

Stablecoin issuer Paxos, in one of the latest developments, released the first transparency but unaudited report for the recently born Paypal USD, or PYUSD stablecoin, affirming the stability and reliability of the assets. This latest report also highlighted that, as the curtains fell in August, the lion’s share – over 90% – of PYUSD was held in Paxos wallet, with another approximately 7% scattered across various exchanges such as Kraken, Gate.io, and Crypto.com.  Paxos’...

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Binance Phasing Out Support for BUSD Stablecoin by Q1 2024

Binance will delist BUSD as a loanable asset on September 6 and will suspend withdrawals of Binance-pegged BUSD tokens via BNB Chain, Avalanche, Polygon, and Tron on September 7. Renowned crypto exchange Binance has officially announced its decision to discontinue support for its native stablecoin, Binance USD (BUSD), by February 2024. Paxos’ Role in Binance’s Decision The decision to phase out BUSD support is closely tied to developments involving Paxos, the company responsible for...

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Bitcoin (BTC) Dominance Surges Past 50% amid Crackdown on Altcoins

The market capitalization of the flagship cryptocurrency recently hit levels greater than that of all other cryptocurrencies combined. Bitcoin (BTC) has had some difficult runs recently, but maybe its market dominance was never in doubt. This follows after the market capitalization of the flagship cryptocurrency recently hit levels greater than that of all other cryptocurrencies combined. According to TradingView data, Bitcoin dominance surpassed 50% on Monday, in what was its first...

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Crypto Regulation: Paxos, Others Out of Canadian Market

The decision coincides with the announcement of stricter crypto regulation by the Canadian Securities Administrators (CSA). As crypto regulation broadens in Canada, blockchain infrastructure platform Paxos has announced plans to shut down its operations in Canada. In a statement published on the company website, the firm advised its Canadian customers to begin withdrawing any funds from their accounts. “Beginning June 2nd, you will no longer be able to transact from your Paxos account,” it...

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