Circle Sounded Alarm on Paxos, Told NYDFS Binance’s Stablecoin Wasn’t Fully Backed: Bloomberg

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Bloomberg reported on Monday that Circle tipped off the New York Division of Monetary Companies (NYDFS) within the fall of 2022, complaining that blockchain knowledge revealed Binance didn’t have sufficient reserves to again up the BUSD tokens it had issued by way of Paxos. Bloomberg cited a supply accustomed to the matter.

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