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Paxos Has Been Ordered by New York Regulators to Stop Issuing Binance USD Stablecoin

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the staff of the Ridgewood blog

Ridgewood NJ, Paxos has been ordered by New York regulators to stop issuing Binance USD due to concerns that it can’t safely issue the token. The SEC is planning to sue Paxos for violating investor protection laws. It reportedly sent a notice to Paxos to inform the company of potential violations and enforcement actions. Paxos will stop issuing new BUSD tokens on February 21. The stablecoin will remain fully supported by Paxos until at least February 2024. Binance will support BUSD for the foreseeable future.

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The Market Cap Of The World’s Largest Stablecoin Tether Is Down 19% Since May 2022

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the staff of the Ridgewood blog

Ridgewood NJ, Tether, the issuer of the world’s largest stablecoin, USDT, has released its latest quarterly attestation report compiled by its new accounting firm, BDO Italia. Tether (USDT) is an Ethereum token that is pegged to the value of a U.S. dollar (also known as a stablecoin). Tether’s issuer claims that USDT is backed by bank reserves and loans which match or exceed the value of USDT in circulation.

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Tether’s Recovery of an $840mn loan Scrutinised in Celsius bankruptcy Raises Questions

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the staff of the Ridgewood blog

Ridgewood NJ, Stablecoin issuer Tether faces scrutiny over an $840mn loan it recovered from Celsius Network as the crypto lender’s bankruptcy tests how insolvency rules apply to digital assets.

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Shorting Tether and Looking for a Bottom on Crypto

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the staff of the Ridgewood blog

Ridgewood NJ, a recent Twitter thread compares the last bearish phases in the crypto market to the current situation to see if the bear market has reached its bottom yet. It presents data from previous bear market bottom zones with metrics. BTC (Bitcoin)has always bottomed at around 70-85% from its top price except for the drawdown in 2011. It is still far too soon to tell if the market has reached the bottom yet. The current macroeconomic situation makes everything more uncertain.

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Crypto Billionaire Warns : Some Crypto Exchanges Already “Secretly Insolvent”

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the staff of the Ridgewood blog

Ridgewood NJ, Sam Bankman-Fried (SBF), the billionaire founder of FTX, believes that many third-tier exchanges are already secretly insolvent. SBF has been issuing cash infusions to save crypto companies from collapsing. The lack of regulations around crypto exchanges has made many exchanges vulnerable to scammers and hacks. FTX remains profitable and has been so for the past 10 quarters. SBF is not worried about Tether, saying that there is no evidence to support the bearish views around the stablecoin.

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US Banks Form Group to Offer USDF Stablecoin Backed by the FDIC

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the staff of the Ridgewood blog

Ridgewood NJ, a group of institutions backed by the Federal Deposit Insurance Corp. plans to offer a new stablecoin called USDF. Founding members of the group include Synovus, New York Community Bank, and Sterling National Bank. USDF will be a bank-minted alternative to USDT and USDC. It will operate on the Provenance blockchain and be redeemable for cash from any of the group’s members. USDF aims to address the consumer protection and regulatory concerns of nonbank-issued stablecoins. What could possibly go wrong with that?