The story highlights the fierce competition for stablecoin dominance
As reported by U.Today, the NYDFS has now instructed Paxos to sever ties with Binance, citing"unresolved issues" related to the BUSD stablecoin. The regulator found that Paxos was unable to operate BUSD"in a safe and sound manner."Binance, for its part, admitted last month that it had issues with historically undercollateralized reserves for its version of BUSD.
This rivalry between Binance and Circle has been brewing for some time, with Binance implementing a policy last September that automatically converts any deposits of USDC and some other stablecoins on its exchange into BUSD, ultimately reducing Circle's share of the stablecoin market.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption.
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