Potential replacement of BUSD with a new stable currency
It is reported that some institutions have contacted and proposed to launch a new stable currency to replace BUSD. According to Patrick Hillmann, the chief str…
It is reported that some institutions have contacted and proposed to launch a new stable currency to replace BUSD. According to Patrick Hillmann, the chief strategic officer of Coin Security, due to the ban imposed by the US regulatory authority on the issuer of BUSD, Paxos, which is not allowed to issue more tokens, a number of private and public entities have expressed interest in carrying out a new stable currency cooperation plan with Coin Security, “especially entities in Europe and the Middle East”,
Forbes: The existing institutions have contacted with Qian An to launch a new stable currency to replace BUSD
Interpretation of the news:
The message indicates that some institutions have reached out expressing interest in launching a new stable currency to replace the BUSD. The reason being that the US regulatory authority has imposed a ban on the issuer of BUSD, Paxos, which prevents them from issuing more tokens. Therefore, other public and private entities have approached Coin Security, indicating their willingness to collaborate and create a new stable coin, especially those located in Europe and the Middle East.
Stable currency is a type of digital currency that is designed to maintain a stable value against a specific currency, commodity, or basket of assets. Its stability makes it an ideal medium of exchange, especially for individuals and organizations that require a secure store of value without the volatility of cryptocurrencies such as Bitcoin. Due to the inherent volatility of cryptocurrencies, stable coins such as BUSD have gained popularity as an alternative.
BUSD is a stable currency created by Paxos, a blockchain-based financial services company. It is pegged to the value of the US dollar, which means that one BUSD is equal to one US dollar. However, the current regulatory ban on Paxos has limited the issuance of new BUSD, leading other institutions to explore the creation of a new stable coin.
Coin Security, a digital asset exchange, has been approached for collaboration by several entities in Europe and the Middle East to create a new stable currency to replace BUSD. Coin Security has extensive experience in digital asset trading, security, and custodial services, making it a suitable partner for this type of project.
The interest shown by these entities in creating a new stable currency shows that they acknowledge the importance of stable coins in the evolving digital economy. Additionally, it demonstrates their willingness to collaborate with established players in the digital asset industry such as Coin Security to achieve their goals.
In conclusion, the message highlights the potential replacement of BUSD with a new stable currency due to the current regulatory ban on Paxos. It demonstrates the importance of stable coins in the digital asset industry and the need for collaboration among different players to achieve the desired results. The key takeaways from the message are the significance of stable currency in the new digital economy and the need for regulatory compliance to ensure the sustainability of the industry.
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/1471/
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
-
Celsius Network Advances Chapter 11 Restructuring Plan and Provides Disclosure Statement for Claim Holders
According to reports, the bankrupt cryptocurrency lender, Celsius Network, announced that it will advance its Chapter 11 restructuring plan and provide a disclosure statement conta
-
Euler Finance attacker returns 5 million DAIs again
On March 28th, PeckShield monitoring data showed that 5 million DAIs had been transferred from the Euler Finance attacker\’s address to the Euler: Multisig 2 address.
Euler Finance -
Online fee revenue of Cryptocurrencies in the past 24 hours
According to reports, according to Cryptofees.info data, in the past 24 hours, Ethereum’s online fee revenue has been $4007471.13, Uniswap’s online fee revenue has been $2061422.92, SushiSwap’s online fee revenue has been $1153738.23, Bitcoin’s online fee revenue has been $923585.52, BSC’s online fee revenue has been $612204.38, and GMX’s online fee revenue has been $473056.27. Over the past 24 hours, Bitcoin’s on-chain service fee revenue exceeded $900000 Analysis based on this information:The message reports on the online fee revenue of popular cryptocurrencies in the past 24 hours, as per the data provided by Cryptofees.info. These revenues are generated through transaction fees paid by users on their respective blockchain networks. Ethereum, the second-largest cryptocurrency by market capitalization, has earned the highest online fee revenue of $4,007,471.13 in the past 24 hours. This can largely be attributed to the high usage of the Ethereum network for decentralized finance (DeFi) applications, such as lending, borrowing, and trading. The network faces congestion issues due…
-
Moonbeam Main Network Experiences Downtime Accident: Here’s What Happened
On April 6th, it was reported that the main network of Moonbeam, a Poka smart contract platform, experienced a downtime accident and has not produced new blocks for over an hour. M
-
What is data currency (data currency skyrocketing)
What is a data coin project? According to official sources, the value of a data coin comes from the generation of data, and DataCoin is a data token issued based on this. The ability to store and transmit data in blockchain networks will be affected, but over time, data will gradually be acquired and used in other fields, so data can be used for various purposes such as advertising, goods and service transactions. In addition, data coins also have decentralized characteristics and can be managed through contracts Data coins have skyrocketedAccording to Coindesk data, data has skyrocketed by over 20% in the past 24 hours. Data is a decentralized data exchange protocol that connects users and data assets to the blockchain for transactions. Data was originally proposed and created by Peter Van Valkenburgh, a researcher of Cryptocurrency, as a computing platform for data distribution and storage. This project, called dbs, is supported by the Ethereum Foundation. The project currently has…
-
When will the Ripple Gene Gateway be launched (Ripple Gene official website)
When will the Ripple Gene Gateway be launched? When will the Ripple Gene Gatewa
-
Binance U Futures Contract Services Suspended – What You Need to Know
On April 10th, Zhao Changpeng, CEO of Coin An, tweeted, \”There have been issues with Binance U standard futures contract services/API, and no issues have been found with the coin s
-
Moxy raises over US $10 million to expand its Web3 game platform
It is reported that the Web3 game platform Moxy has announced that it has completed more than US $10 million of financing, with the participation of investors such as Shima Capital, Polygon, MetaTope and GSR. Moxy’s Web3 game platform based on the FLOW blockchain-driven helps players including E-sports players and other players participate in the game and gain incentives in a decentralized, safe and stable way. At the same time, it also allows game developers to seamlessly create NFT based on game assets to promote the popularity of E-sports. In addition, Moxy also uses a unified digital wallet to participate in the game ecosystem so that players can store cryptocurrency and NFT. It is reported that Nolan Bushnell (founder of Atari) Lawrence Siegel (President of Sega Europe) and Tony Bickley (Director of Sega Europe) have joined the Moxy team. Web3 game platform Moxy completed financing of more than US $10 million Analysis based on this information:Moxy, a Web3 game platform…
-
Regulating Cryptocurrency in the US: The Impact on Coinbase
According to reports, Brian Armstrong, CEO of Coinbase (COIN), stated that if the regulation of the cryptocurrency industry in the United States is unclear, cryptocurrency exchange
-
Galactic Holdings: A $10 Million Pre A Financing Round
On April 17th, Galactic Holdings, a leading cryptocurrency company in Latin America, announced the successful completion of a $10 million Pre A round of financing. This round is le
-
Potential Vulnerability Found in Cosmos Based Ethermint
On April 14th, developers of Jump Crypto discovered a potential vulnerability in Cosmos based Ethermint, which could result in eight digit asset losses. Ethermint supports the use
-
zkSync and Buidl Box Partner to Launch the zkSyncEra 3G Hacker Song
It is reported that zkSync, an Ethereum two-layer network based on ZKRollup, announced that it would cooperate with the buidl box to open the first of the zkSy…
-
Differences between Antminer S9 and S9k (Antminer S9 and S9k Differences)
What are the differences between Antminer S9 and S9k? In China, the mining machi
-
ZkSync may announce air drop and main network issues today
On March 24th, it was reported that many zkSync ecological projects, including SpaceFi, Argent, Across, and zkRock, have released short videos with the words \”03.24.23\” and the zkS
-
The Truth Behind Nakamigos and PEPE: What You Need to Know
It is reported that Jeffrey Huang, the \”big brother of Maggie\”, wrote on social media that he was not the founder of Nakamigos or PEPE, and said not to spread rumors. Furthermore,
-
Caldera’s Seed Round Financing: SevenX Ventures Among Participants
On April 10th, Web3 infrastructure provider Caldera tweeted that it had announced seed round financing news in February this year, and SevenX Ventures was also a participant in see