Paxos to leverage Arbitrum for seamless real-world asset tokenization

Paxos, a leading tokenization platform, will integrate Arbitrum, marking its first foray into the Ethereum layer-2 ecosystem, according to a Sept. 10 statement shared with CryptoSlate. This move aims to streamline institutional integration on Arbitrum for on-chain tokenization of real-world assets. Using Arbitrum, Paxos will tap into Ethereum’s liquidity, benefiting from faster speeds and lower […]

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Paxful co-founder Schaback faces 5 years jail, admits AML failure

Artur Schaback, one of the co-founders of crypto exchange Paxful, has agreed to a plea deal with U.S. prosecutors that could see him locked up for five years.

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PayPal USD (PYUSD) Now Supported on Crypto.com Pay

PayPal USD (PYUSD), issued by Paxos, is now available on Crypto.com Pay, enhancing utility for millions of users. (Read More)

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Paxos gains approval for Singapore stablecoin launch with DBS partnership

Paxos will partner with Southeast Asias largest bank, DBS, for the stablecoin launch.

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SEC Drops Stablecoin Probe, Marking a Win for Paxos and the Crypto Industry

In a significant move, the SEC has ended its investigation into Paxos' BUSD stablecoin, signaling a potential shift in regulatory stance toward the crypto industry. (Read More)

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Another Big Crypto Win: SEC Drops Investigation Into Paxos, Wont Sue Over BUSD Stablecoin

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SEC Drops Investigation Into Paxos For BUSD Stablecoin

Paxos will not be charged by the SEC with issuing an unregistered security in the form of BUSD.

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US SEC Ends Investigation into Paxos Trusts BUSD Stablecoin

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SEC ends probe into Paxos, no actions on BUSD stablecoin

The US Securities and Exchange Commission (SEC) has ended its investigation into stablecoin issuer Paxos. On July 11, Paxos announced that it received an investigations termination notice from the SEC a few days earlier on July 9. The notice confirmed that the regulator would not pursue enforcement action against Paxos Trust Company regarding the Binance […]

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SEC will not pursue enforcement action against Paxos

The stablecoin issuer received an SEC Wells notice in February 2023 warning of a potential lawsuit over Binance USD as an unregistered security.

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SEC quietly closes investigation into Paxos no securities charges against BUSD

The SEC's decision may set a precedent, potentially easing regulatory pressures on stablecoins and influencing future crypto asset regulations.

The post SEC quietly closes investigation into Paxos – no securities charges against BUSD appeared first on Crypto Briefing.

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Binance finalizes sale of majority stake in Gopax: Report

Binance is preparing to reduce its 72.6% stake in the Gopax exchange to as low as 10%, according to local sources.

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Singapore Grants Paxos Full Approval to Issue Stablecoins

Singapore has issued the blockchain technology firm Paxos fullapproval, allowing the New York-based firm to offer digitalpayment token services through its entity, Paxos Digital Singapore Pte. Ltd.This approval from the Monetary Authority of Singapore (MAS) enables Paxos toissue stablecoins under the upcoming stablecoin regulatory framework.

Paxos Expands Global Reach

With this latest regulatory milestone, Paxos hasexpanded the number of markets where it is authorized to issue stablecoins, including the US and the UAE. The firm has chosen DBS Bank, Southeast Asia'slargest bank by assets, as its primary banking partner for cash management andthe custody of stablecoin reserves.

Speaking about the approval, Walter Hessert, the Headof Strategy at Paxos, mentioned: "Stablecoins issued in accordance withstandards set by a regulator like MAS - known for its rigorous regulatorystandards - represent a significant step towards democratizing access tocommerce and financial services. Receiving approval from MAS is an importantstep for Paxos and our global enterprise partners to safely offer access to USdollars to more users around the world."

Last year, Paxos obtained an in-principle approval from the Abu Dhabi Global Market's Financial Services Regulatory Authority(FSRA), allowing the company to issue USD and other currency-based stablecoins.The approval also granted Paxos permission to offer crypto-brokerage andcustody services through two regulated ADGM entities. The company mentioned that it also plans to expand theglobal presence of its USD-backed stablecoins.

Global Expansion

In Argentina, Paxos unveiled a yield-bearing stablecoin through crypto platforms Ripio, Buenbit, Manteca, and Plus Crypto.The new digital asset, dubbed Lift Dollar (USDL), aims to maintain its value tothe dollar and offer users an opportunity to earn daily earnings from USgovernment securities and cash equivalent assets.

Additionally, Paxos has partnered with Chainlink toboost the adoption of PayPal USD (PYUSD), the USD-backed stablecoin issued byPaxos. This integration aims to provide market data for PYUSD on theblockchain, promoting its adoption for on-chain transactions. PYUSD is backedby dollar deposits, US treasuries, and cash equivalents and aims to facilitatepayments.

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Paxos International to issue regulated interest-paying stablecoin

The international arm of New York-based Paxos will issue a U.S. dollar-pegged stablecoin that will not be available in the United States.

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Paxos Launches Yield-Bearing Stablecoin in Argentina in Partnership with Crypto Platforms

Stablecoin issuer Paxos has launched a yield-bearingstablecoin in Argentina. Available through crypto platforms Ripio,Buenbit, Manteca, and Plus Crypto, this new digital asset, dubbed Lift Dollar (USDL), aims tomaintain its value to the dollar and offer users an opportunity to earn dailyearnings from US government securities and cash equivalent assets.

Powered by Ethereum Smart Contracts

Ronak Daya, the Head of Product of PaxosInternational, said: "Lift Dollar is the first stablecoin designed to benefittoken holders. Token holders and distribution partners receive daily yield through an Ethereum smart contract, with all the benefits of a regulated,trusted stablecoin platform."

"Our targeted launch in Argentina will ensure millionsof token holders will now have safe access to US dollars that enables them tonot only save and transact but also earn daily yield. We are pleased to workwith these trusted platforms and look forward to growing our partnershipsthroughout the year."

Today, Paxos International announced the launch of Lift Dollar ($USDL) a yield-bearing stablecoin that democratizes access to US dollars and safe yield generated from cash and cash equivalent assets. Now, you can seamlessly spend, save and trade, all while earning yield.1/4

According to a statement by Paxos, this yield isderived from a reserve of US government securities and cash equivalents managed under the supervision of the Financial Services RegulatoryAuthority of Abu Dhabi Global Market. This ensures that USDL is backed 1:1 byUS dollars.

Focussing on Financial Inclusion

USDL reportedly uses an Ethereum smart contract todistribute the daily yield directly to token holders without requiring anyadditional action on their part. The launch of USDL in Argentina is part ofPaxos effort to enhance financial inclusion in the region throughpartnerships.

Last year, Paxos secured a preliminary license fromthe Abu Dhabi Global Markets Financial Services Regulatory Authority. Thisapproval allows the company to issue USD and other currency-backed stablecoins and offer crypto-brokerage and custody services. Paxos has already made significant strides in securingregulatory approvals, having previously received in-principle approval fromSingapores Monetary Authority of Singapore.

Paxos strategy revolves around leveraging blockchaintechnology to create a more open and secure financial system. The firmsstablecoins are backed 1:1 by the US Dollar and cash equivalents.

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PAX Gold Price Prediction for Today, June 20 PAXG Technical Analysis

The PAX Gold price prediction shows that PAXG heads toward the channel’s upper boundary as the coin touches the $2346 level. What You Need to [...]

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Paxos Reportedly Downsizes Workforce by 20%: Details

Due to the job cuts, Paxos headcount now hovers between 200 and 300.

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Binance affiliate Gopax sold Genesis creditor claims at steep discount: Report

The Gopax exchange reportedly owes 100 billion Korean won in unreturned user staking deposits.

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BVNK Embeds PayPal USD Stablecoin Expanding Payment Options

BVNK, a payments infrastructure provider, has declared theintegration of PayPal USD (PYUSD), a stablecoin, into its platform. Theissuance of PYUSD is solely handled by Paxos Trust Company, under theregulatory oversight of the New York Department of Financial Services (NYDFS).

Enhancing Payment Options

This integration allows businesses to access PYUSD, astablecoin pegged to the US dollar, through BVNK's payments platform. AlongsidePYUSD, users can also engage with 14 other popular digital currencies, leadingstablecoins, and 25 fiat currencies. As an approved participant in the PYUSDecosystem, BVNK possesses the capability to both create and remove PYUSD tokensfor its clientele.

BVNKCo-Founder and VP of Commercial Strategy Chris Harmse, said: Were buildingmodern payments infrastructure to enable more businesses to operate acrossbanks and blockchains and maximise financial flexibility.

Stablecoins make up almost 90% of the payments we process,and theyre very important to our customers as a way to settle global paymentsefficiently. Were thrilled to introduce PYUSD to our platform. As a stablecointhat connects into PayPals extensive payments network, its a valuable paymentoption for many businesses.

PYUSD Conversions to Major Fiat Currencies

Through this integration, BVNK customers gain access tovarious functionalities, including creating PYUSD wallets, settling payments tosuppliers, contractors, and employees worldwide, and accepting consumerpayments in PYUSD.

Additionally, users can convert PYUSD into fiat currenciessuch as EUR and GBP through BVNK's API, hosted payments page, or merchantportal. It's worth noting that while PYUSD operates within regulatoryframeworks overseen by NYDFS, it is not currently regulated in the UK.

Nick Robnett, Head of Asset Growth at Paxos said: PYUSD isbringing greater trust to digital assets. We're seeing growth every day as itsrolled out across the PayPal ecosystem and were delighted to team up withBVNK to give more businesses access to PYUSD, and more options for how theymove their money globally.

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Former CFTC Chair Chris Giancarlo joins Paxos board

Former CFTC Chair J. Christopher Giancarlo founded the Digital Dollar Project and currently works as an advisory board member for the Chamber of Digital Commerce.

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