Paxos, a regulated blockchain company, recently presented the basket of resources that back its stablecoins. Paxos Standard (PAX) and Binance USD (BUSD) are reportedly backed almost 100% by cash and cash equivalents. Dan Burstein, CCO of Paxos, harshly criticized Tether and Circle, issuers of other stablecoins, stating their products we’re not really stablecoins. Paxos Reveals Stablecoin Backing Basket Paxos, a blockchain-regulated company, revealed the basket of assets backing their issued stablecoin on Wednesday. The company, which issues Paxos Standard and Binance USD, two important stablecoins, presented a report that states 96% of the backing is comprised of cash and cash equivalents. While the cash is held in U.S. dollars at insured institutions, the cash equivalents are held in the form of U.S. Treasury bills with maturities of three months or less. The remaining 4% is comprised of U.S. Treasury bills that will mature in October 2021. Paxos explains these are separated from
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