Following Tether (USDT issuer) and Circle (USDC operator), Paxos is behind the release of another popularstablecoin PAX, as well as BUSD, published data regarding the security of the token.
According to the information provided, Paxos holds 96% of its assets in cash or cash equivalents, which is much higher than Tether's 61% and Circle's 49%.
The Paxos blog post itself looks likeas a direct confrontation with the issuers of USDT and USDC. The firm openly states that only its stablecoin is regulated, unlike the stablecoins Tether and Circle.
“I read the reports aboutthe fact that Circle stablecoin has become the most reliable and well-regulated stablecoin; and Tether's claims that the company is registered and regulated. Neither USDC nor Tether are regulated digital assets because they have no regulator. ", wrote Paxos general counsel Dan Burstein.
He also added that USDC and USDT are backed by illiquid and risky debt, unlike PAX.
Indeed, the PAX collateral is somewhat different from the other two stablecoins:
“Today there are only three regulatedstablecoins that are backed by the US dollar: Paxos Standard (PAX) and Binance Dollar (BUSD), as well as Gemini (GUSD). The first two are issued by the Paxos Trust Company, a trust company regulated by the New York State Department of Financial Services (NYDFS). Gemini is also regulated by NYDFS ", noted Burshtein.
Note that the New York regulator has prohibited Tether from operating in the state, and Circle operates under a Bitlicense license.
“Regulatory oversight is important becauseit guarantees full provision of tokens. This is first and foremost safety. USDC and USDT reserves are not monitored by financial regulators. Users of these stablecoins are not protected ", added Burshtein.
Where is it more profitable to buy bitcoin? TOP-5 exchanges
For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.
The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.
Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?
Rating of cryptocurrency exchanges:
| # | Exchange: | Website: | Rating: |
|---|---|---|---|
| 1 | Binance (Editor's Choice) | https://binance.com | 9.7 |
| 2 | Bybit | https://bybit.com | 7.5 |
| 3 | OKEx | https://okex.com | 7.1 |
| 4 | Exmo | https://exmo.me | 6.9 |
| 5 | Huobi | https://huobi.com | 6.5 |
The criteria by which the rating is set in our rating of crypto-exchanges:
- Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
- Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
- Feedback and support– we analyze user reviews and the quality of technical support.
- Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
- Platform Features– availability of additional features — futures, options, staking, etc.
- final grade– the average number of points for all indicators determines the place in the ranking.
Rate this publication
