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( ͡º ͜ʖ͡º) https://www.paxos.com/a-regulated-stablecoin-means-having-a-regulator/

Paxos and Gemini are both Trust companies regulated by the New York State Department of Financial Services (“NYDFS”). Trusts are required to have their products and services approved and supervised by NYDFS. PAX, BUSD and GUSD are expressly approved by the NYDFS and supervised by the regulator on an ongoing basis. This means:

USDC and Tether reserves are not comprehensively overseen by any financial regulators. Their reserves are broadly unrestricted and not held bankruptcy-remote under applicable law. ( ͡°( ͡° ͜ʖ( ͡° ͜ʖ ͡°)ʖ ͡°) ͡°)

Users who are willing to tolerate the risk of a token backed by only 61% cash or cash equivalents (in the case of USDC) or 5% (in the case of Tether) should be free to take that risk — subject of course to applicable securities laws. But these tokens are not regulated, and they should never be confused with a regulated token. ( ͡°( ͡° ͜ʖ( ͡° ͜ʖ ͡°)ʖ ͡°) ͡°)

#kryptowaluty #kryptokomedia #tether