Paxos Treasury Destroys Over 89 Million BUSDs in February 2023
According to the report, Whale Alert monitoring data showed that at 02:12 on February 18, 2023 Beijing time, Paxos Treasury destroyed 89821823 BUSDs.
P…
According to the report, Whale Alert monitoring data showed that at 02:12 on February 18, 2023 Beijing time, Paxos Treasury destroyed 89821823 BUSDs.
Paxos Treasury destroyed 89821823 BUSDs
Interpretation of the news:
Paxos is a company that provides financial infrastructure for the blockchain industry. BUSD is a stablecoin that is backed 1:1 with the US dollar, meaning that for each BUSD token in circulation, there is a corresponding US dollar held in reserve. Whale Alert is a platform that tracks large, noteworthy cryptocurrency transactions.
According to the report, Paxos Treasury destroyed over 89 million BUSDs at 02:12 on February 18, 2023, Beijing time. Destroying BUSDs means that the tokens were sent to an address where they are no longer accessible, essentially taking them out of circulation. The reason for the destruction of the BUSDs is not clear; it could be a deliberate move by Paxos Treasury to reduce the amount of BUSDs in circulation, or it could be the result of an error or a security breach.
The news of the destruction of such a large number of BUSDs by Paxos Treasury is significant for several reasons. Firstly, it is notable that a company like Paxos is willing to destroy such a significant number of BUSDs, which could indicate that they believe that there is an oversupply of BUSDs in the market. Secondly, the destruction of BUSDs in significant numbers could have an impact on the price of the cryptocurrency, which could either increase or decrease, depending on the market’s response.
In conclusion, the report highlights a significant event in the cryptocurrency market: the destruction of over 89 million BUSDs by Paxos Treasury. The implications of this move are yet to be seen, but it could potentially have a significant effect on the value of BUSDs and the cryptocurrency market as a whole.
Overall, the report highlights the evolving nature of the cryptocurrency market, where significant moves by large players like Paxos can have far-reaching consequences. The emergence of stablecoins like BUSD represents an important innovation in the cryptocurrency market, allowing users to hold and transact in cryptocurrency without the volatility associated with traditional cryptocurrencies like Bitcoin. The destruction of BUSDs by Paxos is a reminder that even stablecoins are subject to the same market forces and risks as other cryptocurrencies.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/1359/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
DeeLance: The Revolutionary Freelance Recruitment Platform
According to reports, Polygon\’s online freelance and recruitment platform DeeLance has raised over $120000 in pre-sale round financing. The platform is mainly used by users around
-
Philippines’ Bataan Province Plans to Develop Blockchain-Based Community-Based Monitoring System Bill
According to reports, Joet Garcia, governor of Bataan Province in the Philippines, said in an interview that the Bataan Provincial Government plans to develop …
-
SellToken Launches DEX Short Aggregate Trading Platform: A Game Changer for the Crypto Community
According to official news, SellToken is about to launch the first DEX short aggregate trading platform. SellToken is a decentralized short trading exchange based on smart contract
-
ShowMeta Completes First Round of Financing for MetaUniverse Platform
On March 16th, the ShowMeta MetaUniverse platform announced that it had completed the first round of financing on the social media platform, with a total investment of 840000 US dollars. The ShowMeta meta universe platform will enter the final round of testing to ensure the reliability and performance of the platform. Pioneer users participating in the test will receive 100000 Token rewards. ShowMeta yuan universe platform announced completion of $840000 financing Analysis based on this information:ShowMeta MetaUniverse platform recently announced that it has successfully completed the first round of financing, raising a total of $840,000. The platform developer has revealed that the funds raised will be used to enhance the reliability and performance of the platform, which will soon enter the final testing phase. It has also been announced that early testers of the platform will receive a reward of 100,000 tokens. The ShowMeta MetaUniverse platform is an exciting new social media platform that aims to connect people from around…
-
Ludus acquires LookLabs to expand game product portfolio and simplify P2E games.
It is reported that Ludus, a digital game incubator focused on investment, operation and providing game solutions, acquired LookLabs, a NFT game developer. The…
-
BNB Beacon Chain’s Scheduled Barral Hard Fork Upgrade and Its Impact on Cross-Chain Bridging
On April 17th, according to the official blog, the BNB Beacon Chain is expected to undergo a scheduled Barral hard fork upgrade at block height of 310182000. Based on the current b
-
Fidelity Quietly Opens its Fidelity Crypto to the Public
According to reports, Fidelity Digital Assets recently quietly opened its access to Fidelity Crypto to the public. Millions of users can now trade Bitcoin and Ethereum on the platform without commission. The application was previously limited to waiting lists, which users can scroll through. Fidelity Crypto is open to new and existing customers. New customers must create a Fidelity Broker account during the setup process. This service is not available in all states. Fidelity Crypto, Fidelity’s encryption investment product, has been opened to all users Analysis based on this information:Reports revealed that Fidelity Digital Assets, a subsidiary of Fidelity Investments, has opened access to its Fidelity Crypto platform to the public. This means that millions of interested individuals can now trade cryptocurrencies, such as Bitcoin and Ethereum, on the platform without any commission. Previously, the platform was only available to individuals who were on a waiting list, which they had to scroll through. Now, both new and existing customers can…
-
Why can Jingtong SWT still trade (why Jingtong cannot log in)
Why can Jingtong SWT still trade? Why can Jingtong SWT still trade According to public information, the total value of locked in assets (TVL) on the Bitcoin chain has exceeded $1 billion. Based on the current market value of BTC, this fund is mainly used for mining in mining pools, and with the development of DeFi ecology and the implementation of blockchain technology, this large-scale growth rate will become faster and faster. According to statistics, as of August 30th, users who have pledged over 100 million SWTs are eligible to participate in mining activities So, why is Jingtong SWT still worth using for users From the historical development of Well Tong SWT, as of around 3am on February 28, 2018, the price of SWAP tokens launched on the Coin On platform was RMB 0.006, while the average price of BTT, HT, EOS and other tokens launched on the CoinMarketCap exchange fluctuated between $0.0015 and $0.089. (Data comes from coinmarketcap) In…
-
Bitcoin Market Fluctuates with Daily Increase of 3.2%
According to the report, the market shows that BTC has exceeded US $22500 and is now reported at US $22510.8, with a daily increase of 3.2%. The market fluctua…
-
TITLE: Huge USDC Transfer Alert
According to the report, Whale Alert data showed that 59103000000 USDCs (US $103001664) were transferred from USDC Treasury to Coinbase at 9:53:59 Beijing time…
-
Alex Raises $2.5M Strategic Funding to Expand Decentralized Finance Ecosystem
It is reported that Alex, the decentralized exchange of Bitcoin, completed a strategic round of financing of US $2.5 million, with the participation of Trust Machines and Gossamer Capital. In addition to decentralized exchanges, Alex also provides pledge, income agriculture and start-up board services. The funds raised this time will be used to continue to establish decentralized finance in the Bitcoin ecosystem and expand user communities. Alex, the Bitcoin Decentralized Exchange, completed the financing of US $2.5 million Analysis based on this information:Alex, the decentralized exchange of Bitcoin, announced that it recently secured a strategic funding round of US $2.5 million, with participation from Trust Machines and Gossamer Capital. The funds will be used to continue to establish decentralized finance (DeFi) in the Bitcoin ecosystem and expand user communities. Alex, founded in 2019, provides several DeFi services, including decentralized exchanges, pledge, income agriculture, and start-up board services. Through its platform, users can securely trade and invest in cryptocurrencies without the…
-
Bitcoin’s Upward Resistance at $28,800: What You Need to Know
According to reports, analysts at Blockware Solutions, a Bitcoin mining equipment and hosting service provider, said in a report that the upward resistance level for BTC is at $288
-
The Projection of a Giant Bitcoin Logo on the European Central Bank Building
According to reports, Bitcoin News reported on social media that there was a projection of a giant Bitcoin LOGO on the European Central Bank building.
Projection of a giant Bitcoin -
Executive Teams Expand at Encryption Companies
According to reports, several encryption companies, including Coinbase and Immutable, chose to expand their executive teams in March of this year. In addition, due to regulatory un
-
Microsoft Researchers Propose LLMA: An Accelerator for LLM Inference Decoding
According to reports, a group of researchers from Microsoft proposed the LLM accelerator LLMA. It is reported that. This inference decoding technique with references can accelerate
-
ECB considers interest rate hike due to high core inflation
According to reports, President Lagarde of the European Central Bank said that the European Central Bank is likely to raise interest rates by 50 basis points i…