Paxos Treasury Destroys over 138 Million BUSD according to Whale Alert Data
According to reports, Whale Alert data showed that Paxos Treasury destroyed 138440221 BUSD.
Paxos Treasury destroyed 138440221 BUSD
Interpretation…
According to reports, Whale Alert data showed that Paxos Treasury destroyed 138440221 BUSD.
Paxos Treasury destroyed 138440221 BUSD
Interpretation of the news:
Recently, reports show that Paxos Treasury, a New York-based financial institution, has destroyed over 138 million BUSD through the use of blockchain technology. Paxos Treasury is one of the most popular cryptocurrency exchanges and an authorized financial institution for the issuance of BUSD – a stable coin linked to the U.S dollar.
The destruction of 138 million BUSD represents a significant move in the crypto world, as BUSD is backed by the U.S dollar, and as such, holds a stable position in the market. Despite this stability, the destruction of such a high value of BUSD signifies a positive shift in the crypto market. It signals that stable coins are indeed stabilizing and are no longer an instrument of constant inflation.
This move also shows that cryptocurrency exchanges such as Paxos Treasury are taking responsibility for maintaining the stability and value of their stable coin. Inflation and high supply can devalue a currency; thus, by destroying such a high value of BUSD, Paxos Treasury is ensuring the value of the remaining currency in circulation.
The use of blockchain technology also highlights the transparency and security that comes with cryptocurrency transactions. Blockchain technology is a decentralized system that stores all transaction records in publicly accessible databases. Therefore, it is quite easy to track and record every transaction without compromising privacy or security. Paxos Treasury used an Ethereum blockchain transaction to perform the destruction of BUSD without the need for intermediaries.
Additionally, this move taken by Paxos shows that cryptocurrency adoption is on the rise, and regulatory authorities now acknowledge their importance. BUSD has grown in popularity as more businesses adopt the use of cryptocurrencies to facilitate transactions.
In conclusion, the destruction of 138 million BUSD shows that cryptocurrency has a major impact on the financial sector, and more businesses are adopting the use of stable coins. Paxos Treasury’s move brings much-needed stability and value to BUSD and signifies a positive shift in the crypto world. This move may motivate other businesses to adopt cryptocurrencies and bring more investment into the crypto market.
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/4905/
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
-
The Quick Guide to Understanding the A-Share Market
According to the news, the A-share market opened with the Shanghai Composite Index at 3312.48 points, an increase of 0%, the Shenzhen Composite Index at 11867.87 points, an increas
-
ETH Exchange Balance Drops to Four-Year Low: What Does This Mean for the Crypto Market?
According to reports, according to Glassnode data, the balance of the ETH exchange has just reached a four-year low, with a value of 18102803.195 ETH.
ETH exchange balance reached -
StarkWare, the pioneer of cryptographic protocols, unveils its latest release, Cairo 1.0 Alpha, with new language functions.
On February 24, StarkWare released Cairo 1.0 Alpha. 3, which includes updates such as adding new language functions. In addition, the team expects that the con…
-
Premier League Football Star Reportedly Loses 1 Million Pounds in Cryptocurrency Scam
According to reports, Premier League football star Gustavo Scarpa lost nearly 1 million pounds, or about 1.2 million dollars, due to his investment in the cryptocurrency platform X
-
Beaxy Shuts Down After SEC Accuses Them of Being an Unregistered Exchange
According to reports, the United States Securities and Exchange Commission has accused Beaxy, a cryptocurrency platform, and its executives of failing to register as exchanges, bro
-
The Rise of NFT Series in the Art Industry
On March 22, according to OpenSea data, the NFT series \”Archive of PEACEMINUSONE\” released by Korean singer Kwon Chi Loong has only been cast 1378 pieces since it was publicly cast
-
MetaMask Introduces Updated Versions for Optimal User Experience
It is reported that MetaMask has released updated versions of wallets on the mobile end and plug-in end. MetaMask mobile end has optimized the loading time, browser navigation and account connection; MetaMask plug-in side limits data disclosure through more privacy settings, which enhances the onboarding experience. MetaMask releases updated versions of mobile and plug-in wallets Analysis based on this information:MetaMask, a popular Ethereum-based browser wallet, has released updated versions of its wallets on mobile and plug-in interfaces. The updates aim to enhance user experience by providing better performance and additional privacy features. The MetaMask mobile end has optimized loading times, browsing, and account connection. This means that users can now quickly access their accounts, navigate between different pages, and connect their wallets to various web services with minimal delay. With the optimization of the mobile end, users can trade and store their cryptocurrencies efficiently, making transactions faster. On the other hand, the MetaMask plug-in end has limited data disclosure through…
-
Uno Re unveils its roadmap for a Decentralized Insurance Ecosystem
On March 7, the decentralized insurance agreement Uno Re announced its road map for 2023. The main directions include institutional entry, full-chain insurance…
-
The Level Finance community voted to transfer $200 million in LVL tokens to the DAO
It is reported that the Level Finance community of the decentralized crypto derivatives exchange is voting to transfer more than $200 million of native LVL tokens to its DAO. The p
-
Growing Number of Bitcoin Addresses
On February 23, Glassnode data showed that the number of addresses holding at least 10 Bitcoins was 155535, reaching a three-year high.
The number of a…
-
Copper Crypto Hosting Company Lays Off Employees Amid a Challenging Crypto Industry
According to reports, Copper, a crypto hosting company, said that in the difficult market environment affecting the crypto industry, the company has streamlined its business and fa
-
The EU Approves “Crypto Asset Market Regulation” Law (MiCA)
According to reports, on Thursday, European lawmakers approved the \”Crypto Asset Market Regulation\” law (MiCA), which will become the first rule provided by the EU to regulate the
-
Aztec Network announces closure of Aztec Connect for commercial reasons
On March 13, The relevant head of Aztec Network, a privacy and expansion solution based on ZK-Rollup, responded in the community: “The decision to close Aztec Connect is mainly for commercial reasons, and there is no regulatory agency to contact the team. The privacy of Aztec Connect has led to some problems in the design and increased maintenance costs. The company is focusing on the next generation of protocols, which will support fully programmable smart contracts, which are privacy by default. Considering the scale of the new project, we need to focus on all engineering resources to complete it. We still Focus on L2 Rollup and never establish L1. The strategy has never changed but is entering the next stage. “ Aztec responded by “shutting down Aztec Connect”: mainly for commercial reasons, not related to regulation Analysis based on this information:Aztec Network recently announced the closure of its Aztec Connect service, their privacy and expansion solution based on ZK-Rollup. The…
-
The Current State of the Cryptocurrency Market
According to reports, according to CoinGecko data, the current total market value of cryptocurrencies is $1.19 trillion, with a 24 hour increase of -0.08%. The 24 hour trading volu
-
Binance to Become Polymesh Network’s Node Operator and Allow Pledging POLYX Tokens
On April 20th, it was announced that Binance will become the node operator of the Polymesh network and allow users to pledge POLYX tokens through its platform before the end of thi
-
#Table of Contents
12: 00-21:00 Keywords: Shanghai, Franklin, India, Standard Chartered Bank
Important updates on the evening of April 24th
1. Introduction2. Shanghai – The Gateway to China\’s Financi