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” - 1 Dan Schulman - 1 Stablecoins - 1 Stablecoins aren’t - 1 TerraUSD - 1 Luna - 1 Kwon - 1 Charles Cascarilla - 1
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3 mentions found


☆ PayPal bets on crypto's future with US-dollar-backed stablecoin PYUSD
  + stars: | 2023-08-07 | by ( Allison Morrow | ) edition.cnn.com   time to read: +2 min
The stablecoin, PayPal USD, is fully backed by the US dollar and is “designed to reduce friction” for payments within virtual spaces and provide faster, cheaper transfers of money across borders. But PayPal is betting on a future in which digital currency is more mainstream and merchants may request payment in stablecoins to avoid credit card processing fees. In May 2022, the “algorithmic” stablecoin TerraUSD collapsed when the crypto token backing it, Luna, collapsed. The value of PayPal USD, or PYUSD, doesn’t rely on a complex algorithm the way Terra did. In other words: every PayPal USD should be worth $1.00, no matter what.
Persons: ”, Dan Schulman, Stablecoins, Stablecoins aren’t, TerraUSD, Luna, Kwon, Charles Cascarilla Organizations: New, New York CNN, PayPal, Securities, Exchange Commission, Paxos Trust Locations: New York, cryptocurrencies, Venmo, Terra
☆ Paxos engaged in 'constructive discussions' with U.S. SEC over Binance stablecoin- internal email
  + stars: | 2023-02-21 | by ( ) www.reuters.com   time to read: 1 min
Feb 21 (Reuters) - The firm behind Binance's stablecoin, Paxos Trust Company, is having constructive discussions with the U.S. Securities and Exchange Commission after the firm disclosed that the regulator told the company it should have registered the token as a security, according to an internal email from Paxos' chief executive officer. "We are engaged in constructive discussions with the SEC, and we look forward to continuing that dialogue in private," said Paxos CEO Charles Cascarilla in an email sent Saturday to Paxos employees. He added that if necessary, Paxos would defend its position that Binance USD is not a security through litigation. Reporting by Hannah Lang in WashingtonOur Standards: The Thomson Reuters Trust Principles.
☆ Wall Street has made serious strides to embrace crypto this year. But after FTX's implosion, a regulatory crackdown is imminent.
  + stars: | 2022-11-15 | by ( Morgan Chittum | Rebecca Ungarino | ) www.businessinsider.com   time to read: +7 min
In a stunning downfall, crypto platform FTX filed for Chapter 11 bankruptcy protection on Nov. 11. Crypto sentiment from Wall Street giants has come a long way over the past few years. After FTX's disaster, a crackdown on digital assets is imminent. Prominent government officials quickly spoke out against the crypto platform last week. Gensler says that the agency's aggressive stance on digital assets is an effort to protect investors and may encourage further crypto adoption.
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