The United States Securities and Exchange Commission may be preparing to take action against Paxos,
According to experts, the decision will have a significant impact on the $137 billion market.
A sort of cryptocurrency called a stablecoin is made to seem like real-world assets, like the dollar.
These stablecoins frequently have genuine assets backing them up, like bonds or cash on hand.
Since they make it possible to quickly trade in and out of different coins without needing to exchange fiat money,
They have grown to be the foundation of the cryptocurrency market. Binance USD, or BUSD, is a digital currency released by Paxos.
It is a stablecoin linked to Binance, one of the largest cryptocurrency exchanges on the planet. BUSD and the USD are directly correlated.
The banking watchdog for New York state ordered Paxos to stop issuing BUSD last week.