Stablecoin issuer circle reportedly sounded an alarm on rival PaxosGlobal after learning that the Paxos-issued BUSD was not properly backed by reserves, leading NYDFS to start investigating. cheyenneligon reports
New York’s top financial regulator is investigating stablecoin issuer Paxos – and, according to a new report, it was rival stablecoin issuer Circle that sounded an alarm.
Bloomberg reported on Monday that Circle tipped off the New York Department of Financial Services in the fall of 2022, complaining that blockchain data revealed Binance did not have enough reserves to back up the BUSD tokens it had issued through Paxos. Bloomberg cited a source familiar with the matter.
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