Paxos Will Stop Issuing BUSD
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The capitalization of Binance’s stable Binance USD reached $21.6 billion last fall. The share of this token in the fiat-backed digital currency market exceeded 15% after investors started to withdraw capital from Tether and USD Coin.
However, Paxos has just announced the suspension of the issuance of BUSD due to a ban from the New York City Department of Financial Services.
According to the statement of the company, it will suspend the issuance of new tokens from February 21st. In parallel, the company will stop interacting with Binance.
At the same time, users will be able to perform transactions with those tokens that are already in circulation in the usual mode.
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