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Coinbase and Circle Receive Approval from NYDFS for BUSD Stablecoin

• Web3 News • 169 views

21:00-7:00 Keyword: Coinbase, BUSD, Circle, NYDFS

Overview of important developments overnight on February 14

Interpretation of the news:

…

Coinbase and Circle Receive Approval from NYDFS for BUSD Stablecoin

21:00-7:00 Keyword: Coinbase, BUSD, Circle, NYDFS

Overview of important developments overnight on February 14

Interpretation of the news:


Coinbase and Circle have received approval from the New York Department of Financial Services (NYDFS) for their USD-pegged stablecoin, BUSD. This approval allows the companies to continue offering their stablecoin in New York, and demonstrates the continued push towards regulation in the cryptocurrency industry.

BUSD is collateralized 1:1 with the U.S. dollar, meaning that for every BUSD in circulation, there is an equivalent amount of U.S. dollars held in reserve. This ensures stability and predictability for BUSD users and is a key feature of the stablecoin.

Coinbase and Circle’s approval from NYDFS is significant because New York is a major financial hub and strict regulations are in place to protect consumers. The approval demonstrates that BUSD meets the stringent standards set by NYDFS, adding credibility to the stablecoin and its potential as a viable alternative to traditional currencies.

The approval also highlights the importance of regulatory compliance for cryptocurrency companies. As the industry matures, more companies must comply with regulations and obtain approval from regulatory bodies if they want to operate in a safe and legal environment. Failure to comply with regulations can result in hefty fines and damage to a company’s reputation.

Overall, the approval of BUSD by NYDFS is a positive development for the cryptocurrency industry. It demonstrates progress towards regulation and legitimacy for stablecoins and cryptocurrency companies in general. It is also a step forward for Coinbase and Circle, as it allows them to continue offering BUSD to their customers in New York.

Keywords:

1. Coinbase – One of the largest cryptocurrency exchanges in the world and the first to be publicly traded.

2. BUSD – A USD-pegged stablecoin offered by Coinbase and Circle.

3. Circle – A cryptocurrency finance company that offers services such as digital wallets and stablecoins like BUSD.

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