US Regulators Launches Investigation into Stablecoin Issuer Paxos

February 10, 2023

MCP News Free

US Regulators Launches Investigation into Stablecoin Issuer Paxos

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According to a report by CoinDesk, New York regulators are reportedly investigating Paxos, the issuer of BUSD, and USDP stablecoins.

As per the report, the full scope of the probe is currently not clear, as a regulators spokesperson refused to comment on the matter when asked.

This comes weeks after some rumor of the US federal bank regulator said that Paxos should withdraw for a full banking charter. However, this rumor was denied by Paxos.

The report also added that Paxo’s spokesperson refused to comment on the issue when questioned.

Stablecoins are cryptocurrencies whose value is tied to a fiat currency like the US dollar, they include BUSD, USDT, and USDC amongst others.

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