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 […]

The post SEC ends probe into Paxos, no actions on BUSD stablecoin appeared first on CryptoSlate.

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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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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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Paxos Reportedly Downsizes Workforce by 20%: Details

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

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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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Paxos Appoints Former CFTC Chairman J. Christopher Giancarlo to Board

Paxos, a regulatedblockchain and tokenization infrastructure platform, announced today theappointment of J. Christopher Giancarlo, former Chairman of the US CommodityFutures Trading Commission (CFTC), to its board of directors.

Paxos Scores RegulatoryHeavyweight from CFTC

Giancarlo,a respected figure in the financial services industry and a passionate advocatefor blockchain technology, brings decades of expertise to Paxos as the companycontinues to innovate in the digital asset space.

During histenure at the CFTC from 2014 to 2019, Giancarlo oversaw the introduction of thefirst Bitcoin futures products and applied a "Do No Harm" regulatoryapproach to blockchain technology.

"Chrisbrings unparalleled expertise and understanding of complex market dynamics toPaxos," said Charles Cascarilla, CEO and Co-Founder of Paxos. "Hisinsights will support us as we expand our position as a leader in regulateddigital asset market structure and stablecoin innovation."

Paxos, aregistered trust company, issues regulated digital assets such as PayPal USD(PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG). The company aims to leverageblockchain technology to create a more inclusive and accessible financialsystem

"Paxoshas established itself as the leader in bridging traditional and digital assetmarkets by introducing regulated solutions that are safe for institutions andconsumers," said Giancarlo. "I'm honored to join Paxos's board and bea part of innovation in the financial sector."

From Government to Crypto

ChrisGiancarlo is no stranger to cryptocurrencies. With over 50,000 followers onTwitter, he is nicknamed "CryptoDad" and frequently shares hisinsights on digital assets and blockchain technology.

The free world & free people must work together to ensure that #digitalcurrency networks reflect virtues of #financialfreedom & #economicliberty. My op-ed this morning in Banking, Risk & Regulation @FT @mrjohncrowley Go to this link: https://t.co/YsMSoMVhHp

He is oneof the latest government or agency representatives to join a crypto firm.Earlier this year, former UK Finance Minister George Osborne made a similarmove by joining Coinbase's advisory council amid its global expansion.

PeterMarton, formerly the Deputy Superintendent of Virtual Currency at the New YorkDepartment of Financial Services, has taken on the role of Director of DigitalIdentity at Fireblocks.

BrianBrookes, who was the Senior Deputy Comptroller at the Comptroller of theCurrency within the US Treasury Department, has joined the Board of Directorsat Hashdex. His role involves advising on global regulation to attractinstitutional investors and strategically working with public policymakers.

Additionally,Circle, the issuer of USDC, appointed Heath Tarbert as their Chief LegalOfficer and Head of Corporate Affairs earlier this year. Tarbert, whopreviously served as Chairman and Chief Executive of the CFTC, was the ChiefLegal Officer at Citadel Securities before joining Circle.

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Mastercard Partners with OKX for Seamless Stablecoin Transactions

Mastercard plans to introduce new payment abilities for stablecoin payments in order to expand its digital asset operations. The firm plans to introduce an initiative which enables stablecoins operations across its global network. This initiative enables instant and seamless transactions between crypto wallets, Web 3 applications and traditional merchants. Mastercard Partnerships, OKX Card Boosts Stablecoin […]

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Paxos Partners With Mercado Libre To Offer USDP Stablecoin Access

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Paxos Gives USDP Stablecoin Access to Mexico With Mercado Libre Partnership

Paxos's Pax Dollar (USDP) is a regulated stablecoin.

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Paxful to Refund Celsius Earn Deposits to Affected Company Members

The funds will be returned from Paxful’s reserves.

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