BINANCE USD USDCRUMMER THEBLOCK UPDATE
BINANCE USD USDCRUMMER THEBLOCK OFFLINE

BINANCE USD USDCRUMMER THEBLOCK UPDATE

'The feature of liquid dollar digital currencies should be that they are redeemable on demand, and at par at all times, even during conditions of stress,' Disparte added.įor a weekly update on cryptocurrencies and digital assets sign up for Reuters Crypto Wire newsletter here. Binance is a safe and secure platform to buy and sell cryptocurrencies quickly using our streamlined buy/sell process.

Dante Disparte, Circle's chief strategy officer and head of global policy, said that there will be 'challenges' relating to liquidity and redemptions when assets are swapped in the way Binance has done with USDC. USDC, issued by U.S.-based firm Circle, is the world's second-biggest stablecoin. We expect the situation will be restored when the banks open.' Trusted by over 120 million users worldwide, Binance allows you to securely buy, sell, and hold cryptocurrencies like Bitcoin, Ethereum, Chainlink, Rune, Cardano, Binance Coin, SHIB, and much more all with some of the lowest fees in crypto. View Reports About BUSD Regulated Paxos and BUSD are approved and regulated by the New York State Department of Financial Services, ensuring the utmost of consumer protections. 'The banks are not open for another few hours. Access the world’s leading blockchain ecosystem on the go, anytime, anywhere. Paxos no longer mints new BUSD, but allows customers to redeem BUSD for USD or convert their BUSD to USDP. Zhao said on Tuesday swapping USDC with two other tokens - Paxos Standard and Binance USD - requires using traditional dollars at a bank in New York.

BINANCE USD USDCRUMMER THEBLOCK OFFLINE

'User assets at Binance are all backed 1:1 and Binance's capital structure is debt free,' the person said.Īsked whether Binance had enough USDC to meet USDC withdrawal requests, the person added it may need to move funds to online 'hot' digital wallets from offline wallets, convert stablecoins from one another or carry out network upgrades, sometimes causing delays.īinance said in a tweet around 1654 GMT that USDC withdrawals had resumed.Ĭrypto news outlet CoinDesk reported earlier that Binance saw outflows of $902 million on Monday.īinance said in September it would automatically convert user balances and new deposits of USD Coin and two other stablecoins into its own stablecoin, Binance USD. Some days we have net withdrawals some days we have net deposits.'Ī Binance spokesperson earlier said it always had 'more than enough funds' to meet withdrawal requests. 'We saw some withdrawals today (net $1.14b ish). The withdrawals were 'business as usual,' Binance CEO Changpeng Zhao tweeted. 'Binance's withdrawals are increasing due to the growing uncertainty about its reserves report,' a Nansen spokesperson said. Paxos issues BUSD on the Ethereum blockchain. It is issued by Paxos in partnership with Binance and can be issued and redeemed without any extra fee. The $1.9 billion of withdrawals of tokens based on the ethereum blockchain mark the largest daily outflow over a 24-hour period since June 13, the Nansen data showed, and accounted for the majority of the funds being pulled in the last seven days. May 21st 2020 BUSD 1.000 USDT -0.02 Trade now BUSD is a 1:1 USD-backed stablecoin approved by the New York State Department of Financial Services (NYDFS).

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