Paxos has received preliminary approval from Abu Dhabi's regulator to issue stablecoins and provide digital asset services. The Financial Services Regulatory Authority in the Abu Dhabi Global Market granted Paxos in-principle approval to issue U.S. dollar-backed stablecoins and offer crypto-brokerage and custody services in the Emirate. This follows a similar approval from regulators in Singapore, where Paxos plans to launch a U.S. dollar-backed stablecoin. Paxos plans to expand the use of its stablecoins upon full approval and emphasizes transparency regarding its stablecoin reserves.
Paxos, the issuer of stablecoins, has received in-principle approval from the Monetary Authority of Singapore for its Singapore entity to provide digital payment token services in Singapore. It plans to collaborate with corporate clients to issue a new USD-backed stablecoin after obtaining full approval.
Regulated blockchain infrastructure platform Paxos has announced that TD Securities is the latest financial institution to join Paxos' commodity settlement service. Paxos will facilitate simultaneous settlement of cash and bulk commodity transactions for the first time in the precious metals market. As part of the network, Paxos will be able to facilitate fully automated settlement of both traditional and digital precious metal transactions and simplify operations.
F2Pool Co-founder: Due to Time Zone Differences, the Deadline for Paxos to Claim Nearly 20 BTC Fees Has Passed
F2Pool co-founder Wang Chun posted a message regarding "Paxos claiming nearly 20 BTC fees", stating that due to time zone differences, the claim was actually made after the original deadline. Wang Chun said: "I am very angry and regret agreeing to return those 20 BTC. Especially when I saw the claimant always saying it was EST instead of EDT/UTC time. The last time someone did this with Zcash, I banned his entire company."
September 13th, Paxos released its first PYUSD transparency report, which disclosed unaudited data on PYUSD as of August 31st EST, including: the total outstanding amount of unpaid tokens (Total Tokens Outstanding) is about $44.37 million; the current market value of the collateral for the US Treasury repo agreement is $43.86 million, with a nominal position value of $43 million; the current market value of the collateral for other cash deposits held by the custodian is about $1.5 million; the current market value of the collateral in total net assets is $45.36 million, with a nominal position value of $44.5 million.
Blockchain analytics company Nansen's data shows that Paxos still custodies over 90% of PYUSD supply, with only a small percentage of users holding and using PYUSD in self-custodied wallets. Nansen suggests that "smart money" holders seem to be avoiding stablecoins, while exchanges such as Kraken, Gate.io, and Crypto.com hold only slightly more than 7% of the supply. Less than 10 non-contract or exchange holders have balances over $1,000.
June 28 (Cointime) - Blockchain fintech company Paxos has partnered with online marketplace MercadoLibre to bring the Pax Dollar (USDP) stablecoin to Mexico via the MercadoPago payment service. USDP will be available to all MercadoPago customers in Mexico, where cryptocurrency use currently has a 9.3% penetration rate with over 12 million users.
According to a declaration by an Assistant Chief Accountant of the U.S. Securities and Exchange Commission (SEC), Binance allegedly sent nearly $20 billion of commingled funds to a foreign affiliate of stablecoin issuer Paxos in 2021.
Paxos Expands Partner Network in Latin America to Introduce Regulated Blockchain Infrastructure and Tokenization Platform to Global Enterprises
Paxos has expanded its network of partners in Brazil and other parts of Latin America as part of its plan to introduce its regulated blockchain infrastructure and tokenization platform to global enterprises.
MakerDAO's community has voted to remove $500 million worth of USDP stablecoin from its reserves, dealing a blow to Pax Dollar as it held half of the token supply. The MakerDAO treasury will now invest its vast reserves in yield-generating strategies, including Gemini and a 2.6% yield on the $500 million of USDC it holds from Coinbase Prime.