Binance Looks Beyond The Dollar For Stablecoin Replacement
Summary for crypto investors: Binance, the world's largest cryptocurrency exchange, is considering alternative stablecoin formats, pegs, and partners after the impending demise of the Binance USD (BUSD) coin, which has been effectively canceled by U.S. regulators.
Binance CEO Changpeng Zhao said that the company is exploring non-USD based stablecoins, but such a pivot may prove difficult, as nearly all prominent stablecoins remain pegged to the U.S. dollar.
The New York Department of Financial Services ordered cryptocurrency firm Paxos to stop creating more tokens after issuing and listing an Ethereum blockchain version of BUSD, citing obligations for "tailored, periodic risk assessments" and due-diligence checks on Binance.