Latest Paxos News

  • Tether Crosses $10B, Leaving Competing Stablecoins in the Dust
    Tether Crosses $10B, Leaving Competing Stablecoins in the Dust
    Tether, USD Coin, and Binance USD have posted triple-figure market cap growth this year. Crypto market data aggregator Messari reports that the market cap of leading stablecoin Tether (USDT) has surpassed $10 billion for the first time. Alongside Bitcoin (BTC) and Ethereum (ETH), Tether is now one of three crypto assets with an eleven-figure capitalization.  Tether’s reported $10 billion market cap comes after year-to-date growth of 144% — with Tether representing $4.1 billion at the start of 2020.  However, data aggregators are at odds on Tether’s capitalization, with CoinGecko and CoinMarketCap estimating USDT’s market cap to be just over $9 billion.  USD Coin and Binance USD post strong growth The second-largest stablecoin by market cap, Circle’s USD Coin (USDC) has also seen triple-digit growth since early January — increasing from less than $450 million to over $930 million today. USDC has steadily grown since launching in October 2018 to currently comprise the 18th-largest crypto asset overall. Since launching in September of last year, Binance’s USD stablecoin BUSD has quickly emerged as a major player in the stablecoin sector — currently ranking fourth among stablecoins with a market cap of nearly $166 million. Binance has grown by more than 875% since representing roughly $17 million at the start of the year, now ranking as the 49th-largest crypto market. PAX and TUSD stagnate After starting the year with a capitalization of $225 million, Paxos Standard (PAX), the third-ranked stablecoin by market cap, has seen its market cap stagnate at $245 million since April, according to CoinMarketCap.  CoinMarketCap ranks Paxos as the 37th-largest crypto asset overall.
  • Digital Dollar Take Center Stage in Hearing Before US Senate
    Digital Dollar Take Center Stage in Hearing Before US Senate
    Issues like financial inclusion and competition with China propelled a hearing on digital dollars before the US Senate today. In a hearing before the Senate Banking Committee today, June 30, central bank digital currencies (CBDCs) took center stage before an audience of Senators looking to upgrade financial infrastructure and expand financial inclusion in the country. The witnesses and the concerns The banking committee welcomed Paxos CEO Charles Cascarilla, financial inclusion professor and researcher at Duke Nakita Cuttino, and former CFTC Chair and current champion of the Digital Dollar Project Chris Giancarlo as witnesses. Cascarilla provided expertise on how existing stablecoins operate and the gaps in current finance that they fill.
  • Witnesses Will Vouch for Stablecoins, Digital Dollars in US Senate Hearing Tuesday
    Witnesses Will Vouch for Stablecoins, Digital Dollars in US Senate Hearing Tuesday
    Witnesses will discuss stablecoins and tokenized dollars during Tuesday's Senate Banking hearing on the digitization of money.
  • Buy Stablecoins With Your Credit Card in Lumi Wallet
    Buy Stablecoins With Your Credit Card in Lumi Wallet
    Lumi Wallet announced that from June 2020, Tether USDT, Binance USD, Paxos Standard Token, Celsius and Dai are available to purchase in Lumi Wallet with a credit card.
  • Paxos ‘Flippens’ LocalBitcoins As The Largest P2P Bitcoin Marketplace
    Paxos ‘Flippens’ LocalBitcoins As The Largest P2P Bitcoin Marketplace
    Bitcoin (BTC) peer-to-peer (P2P) trading market went through a historical week, as Paxful has surpassed LocalBitcoins in weekly trading volume for the first time in P2P trading history. According to data provided by Coin.dance, Paxful is now the leading Bitcoin P2P marketplace in terms of global weekly trading volume.
  • What’s Driving The Demand Behind Stablecoin’s $10B Crypto Market Cap Milestone?
    What’s Driving The Demand Behind Stablecoin’s $10B Crypto Market Cap Milestone?
    The growth of stablecoins in 2020 has been unlike anything seen before.