Stablecoin issuer Paxos has published the first transparency report for the Ethereum-based stablecoin PayPal USD (PYUSD), stating that the coin is fully backed by assets. According to the report, the ...

What’s wrong with current stablecoins? Put simply, too much profit is directed to issuers. In most cases, the yield from reserves flows back to those managing the stablecoin rather than to its users.

Singapore has issued in-principle approval to stablecoin firms Paxos and StraitsX for issuing a USD-backed stablecoin. Among the other Asian countries, Japan and Hong Kong are also looking to develop ...