Using Paxos Settlement Service, State Street and Credit Suisse can respond to the SEC request for pathways to T+0 settlement New York, May 17, 2022 – Paxos, the regulated blockchain…
The largest institutions in the world now offer crypto products and capabilities to their customers, demonstrating that crypto is no longer a fleeting trend, but a mainstay in the global economy.
Stablecoins are digital tokens backed by stable assets such as the US dollar, and were originally created for crypto investors to have an easy on- and off- ramp between fiat currencies and crypto. As stablecoin usage and market cap have increased, so has regulatory scrutiny. In particular, the reserve practices (or lack thereof) of various stablecoins have increasingly been in the spotlight - which brings us to the algorithmic stablecoin at the heart of the Terra ecosystem, UST.
Brazil based Nubank - one of the world’s largest digital banking platforms - announced today it will offer crypto buying, holding and selling capabilities powered by Paxos. We’re thrilled that another 50 million Brazilians will have seamless access to Bitcoin and Ethereum through the Nubank platform. Nubank’s move into crypto represents a strategic move for the company and will further accelerate adoption in the region.
Nubank, one of the world’s largest digital banking platforms and leading technology companies, enters the cryptocurrency trading market.
Important lessons learned from 2008 can and should be applied to digital assets today. That’s how we’ll ensure the open, digital economy is built to withstand tests of volatility, uncertainty, complexity and ambiguity. Transparency into the entire system is needed so we can more critically evaluate promises of stability. That’s how a well-designed, inclusive digital asset ecosystem built to withstand shocks will emerge and flourish.