Amid the growing demand for regulating the use of stablecoins, Paxos has called out Tether (USDT) and Circle (USDC) for issuing non-regulated stablecoins. Paxos’ General Counsel and Chief Compliance Officer Dan Burstein has lashed out at the two players, in what he claims to be false claims.
Recently, Circle claimed that USDC is the “world’s most trusted and well-regulated dollar digital currency”. Similarly, Tether claims USDt to be “registered and regulated”. Burstein believes that neither of these two stablecoins is regulated.
Furthermore, he calls both USDT and USDC tokens backed by illiquid and risky debt obligations. According to the Paxos CCO, this is a critical matter that any regulator shouldn’t tolerate. He added that both the players adjusted their reserving practices to make their tokens appear as stablecoins.
Dan Burstein added that as of date there are only three stablecoins in the market – Paxos Standard (“PAX”) and Binance Dollar (“BUSD”), both i

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Źródło: https://coingape.com/stablecoin-war-paxos-calls-tether-usdt-circle-usdc-issuing-non-regulated-stablecoins/