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Potential replacement of BUSD with a new stable currency

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It is reported that some institutions have contacted and proposed to launch a new stable currency to replace BUSD. According to Patrick Hillmann, the chief str…

Potential replacement of BUSD with a new stable currency

It is reported that some institutions have contacted and proposed to launch a new stable currency to replace BUSD. According to Patrick Hillmann, the chief strategic officer of Coin Security, due to the ban imposed by the US regulatory authority on the issuer of BUSD, Paxos, which is not allowed to issue more tokens, a number of private and public entities have expressed interest in carrying out a new stable currency cooperation plan with Coin Security, “especially entities in Europe and the Middle East”,

Forbes: The existing institutions have contacted with Qian An to launch a new stable currency to replace BUSD

Interpretation of the news:


The message indicates that some institutions have reached out expressing interest in launching a new stable currency to replace the BUSD. The reason being that the US regulatory authority has imposed a ban on the issuer of BUSD, Paxos, which prevents them from issuing more tokens. Therefore, other public and private entities have approached Coin Security, indicating their willingness to collaborate and create a new stable coin, especially those located in Europe and the Middle East.

Stable currency is a type of digital currency that is designed to maintain a stable value against a specific currency, commodity, or basket of assets. Its stability makes it an ideal medium of exchange, especially for individuals and organizations that require a secure store of value without the volatility of cryptocurrencies such as Bitcoin. Due to the inherent volatility of cryptocurrencies, stable coins such as BUSD have gained popularity as an alternative.

BUSD is a stable currency created by Paxos, a blockchain-based financial services company. It is pegged to the value of the US dollar, which means that one BUSD is equal to one US dollar. However, the current regulatory ban on Paxos has limited the issuance of new BUSD, leading other institutions to explore the creation of a new stable coin.

Coin Security, a digital asset exchange, has been approached for collaboration by several entities in Europe and the Middle East to create a new stable currency to replace BUSD. Coin Security has extensive experience in digital asset trading, security, and custodial services, making it a suitable partner for this type of project.

The interest shown by these entities in creating a new stable currency shows that they acknowledge the importance of stable coins in the evolving digital economy. Additionally, it demonstrates their willingness to collaborate with established players in the digital asset industry such as Coin Security to achieve their goals.

In conclusion, the message highlights the potential replacement of BUSD with a new stable currency due to the current regulatory ban on Paxos. It demonstrates the importance of stable coins in the digital asset industry and the need for collaboration among different players to achieve the desired results. The key takeaways from the message are the significance of stable currency in the new digital economy and the need for regulatory compliance to ensure the sustainability of the industry.

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