today in stablecoin news we look at the case of #Paxos, the "responsible" #stablecoin issuer behind the largest stablecoin ever to be shut down by the government for money laundering and counterfeiting (#BUSD, aka "Binance USD", was killed off by NY's regulators when it was revealed that Binance was counterfeiting BUSD tokens that had no actual money behind them).
- Paxos: "We're insured"
- Customers: "Wow! So who sold you the insurance? I heard it's hard to get insurance as a crypto company."
- Paxos: "A little company called Paxos"
p.s. one of the ex-Paxos guys behind BUSD, Austin Campbell, is considered a major thought leader for the industry and was a huge advocate for (and probably an architect of) the #GeniusAct
#AustinCampbell #stablecoins #crypto #finance #cryptocurrency
SEC Closes Investigation Into PayPal’s PYUSD Stablecoin Without Action
#PayPal #PYUSD #Stablecoin #SEC #CryptoRegulation #Fintech #DigitalAssets #Paxos #Coinbase #CryptoNews