Ever since fears arose around Tether (USDT), it seems like a new stablecoin is released every week to try and take its place. Today two new stablecoins have been revealed, with the distinction of being approved by the financial regulator known for the New York Bitlicense.
DFS Superintendent Maria T. Vullo said, “As the financial technology marketplace continues to evolve, New York is committed to fostering innovation while ensuring responsible growth. These approvals demonstrate that companies can create change and strong standards of compliance within a strong state regulatory framework that safeguards regulated entities and protects consumers.”
Tokens Subject to Forfeiture and Seizure
“This is a very exciting time and we thank the DFS and Superintendent Vullo,” said Charles Cascarilla, CEO and co-founder of Paxos. “With Paxos Standard, we hope to enable a truly frictionless, global economy by offering a token that is stable, fast, redeemable, audited, and most importantly, approved and regulated. This is a digital asset that can be trusted.”
Is there a place for regulator-approved stablecoins in the crypto ecosystem? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.
The post New York Regulator Approves Two New Stablecoins, Gemini Dollar and Paxos Standard appeared first on Bitcoin News.