Keep it simple stupid
"Simplicity is the greatest sophistication." - Leonardo
da Vinci Stablecoin operator Paxos has launched a gold-backed Ethereum
(ETH) token, PAX Gold (PAXG), claiming to be “the first crypto-asset
redeemable for physical gold.” The New York State Department of Financial
Services (NYDFS) has even put forward their approval of the
issuance in an official statement, and has defined it as the “first
gold-backed virtual currency in New York state.”
Each PAXG token will
be backed by one fine troy ounce of London Good Delivery gold stored in
professional vault facilities in London. Users owning the tokens in
question own the gold it represents but the tokens can be moved like any
other ERC-20 tokens. Paxos claims that users can convert the tokens to
and from fiat currency or unallocated gold, or redeem tokens for physical gold
bars. Token holders can also look up the serial number, brand code, gross
weight, fineness, and fine weight of their gold bars. In partnership with the
Paxos Trust Company, crypto exchange Binance is launching a dollar-backed
stablecoin in the U.S., dubbed "Binance USD (BUSD)". BUSD has also been
approved by the New York Department of Financial Services (NYDFS).
BUSD will
be backed by USD on a 1:1 ratio. The issuance of BUSD is part of
Binance's Venus project. According to Binance CEO Changpeng Zhao,
Binance hopes to "unlock more financial services for the greater blockchain
ecosystem through the issuance of BUSD, including more use cases and utility
through the power of stable digital assets.” BUSD's reserves will be held by
Paxos, who will act as both the custodian and the issuer for BUSD, and will
regularly audit the dollar holdings. According to the co-founder of Paxos, Rich
Teo, BUSD will be “a vital step towards long term stability in global crypto
markets”. Unsubscribe - Unsubscribe Preferences
"Simplicity is the greatest sophistication." - Leonardo
da Vinci Stablecoin operator Paxos has launched a gold-backed Ethereum
(ETH) token, PAX Gold (PAXG), claiming to be “the first crypto-asset
redeemable for physical gold.” The New York State Department of Financial
Services (NYDFS) has even put forward their approval of the
issuance in an official statement, and has defined it as the “first
gold-backed virtual currency in New York state.”
Each PAXG token willbe backed by one fine troy ounce of London Good Delivery gold stored in
professional vault facilities in London. Users owning the tokens in
question own the gold it represents but the tokens can be moved like any
other ERC-20 tokens. Paxos claims that users can convert the tokens to
and from fiat currency or unallocated gold, or redeem tokens for physical gold
bars. Token holders can also look up the serial number, brand code, gross
weight, fineness, and fine weight of their gold bars. In partnership with the
Paxos Trust Company, crypto exchange Binance is launching a dollar-backed
stablecoin in the U.S., dubbed "Binance USD (BUSD)". BUSD has also been
approved by the New York Department of Financial Services (NYDFS).
BUSD willbe backed by USD on a 1:1 ratio. The issuance of BUSD is part of
Binance's Venus project. According to Binance CEO Changpeng Zhao,
Binance hopes to "unlock more financial services for the greater blockchain
ecosystem through the issuance of BUSD, including more use cases and utility
through the power of stable digital assets.” BUSD's reserves will be held by
Paxos, who will act as both the custodian and the issuer for BUSD, and will
regularly audit the dollar holdings. According to the co-founder of Paxos, Rich
Teo, BUSD will be “a vital step towards long term stability in global crypto
markets”. Unsubscribe - Unsubscribe Preferences
