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Stablecoin issuer Circle, which operates the USDC stablecoin and shares a regulator with the Binance-branded stablecoin firm Paxos, issued a complaint to the New York State Department of Financial Services (NYDFS) about its rival last year.

Leading cryptocurrency exchange Binance has said it will keep on supporting its Binance USD (BUSD) stablecoin, although it is ready to potentially move away from it as a main trading pair in the future.

The number of non-zero addresses on the Bitcoin blockchain has reached a new 44 million all-time high, shortly after the launch of non-fungible tokens (NFTs) known as Ordinals.

Sponsored: B2Broker, a provider of white-label liquidity for FX and crypto markets, has expanded its globally recognized white-label liquidity products for digital businesses. By integrating Match-Trader into its white-label solution, B2Broker has demonstrated its commitment to providing customers with the most comprehensive and versatile solution on the market.

 Top stories in the Crypto Roundup today:

  • Stablecoin Issuer Circle Sounded Alarm on Paxos
  • Binance to Stick With BUSD After NYDFS Ordered Paxos to Stop Minting
  • Bitcoin’s Non-Zero Addresses Grow to 44 Million Record
  • Chart of the Week: Volumes Market Share of ‘LSD’ Tokens
  • Sponsored: B2Broker and Match Trader Announce Powerful Integration for New White Label Model

 
24 hours chart of the price of BTC
 

Stablecoin Issuer Circle Sounded Alarm on Paxos

 

Stablecoin issuer Circle, which operates the USDC stablecoin and shares a regulator with the Binance-branded stablecoin firm Paxos, issued a complaint to the New York State Department of Financial Services (NYDFS) about its rival last year.

The complaint sounded the alarm about Binance’s alleged mismanagement of reserves for its own tokens, based on blockchain data that showed Binance didn’t store enough crypto in reserve to support the tokens it had issued.

On Monday, the NYDFS said it directed Paxos to end its relationship with the leading exchange citing “several unresolved issues related to Paxos’ oversight of its relationship” with the trading platform.

The regulator added it doesn’t oversee a token issued by Binance that serves as a proxy of BUSD, and that Paxos isn’t approved to issue it. It determines Paxos was unable to operate the stablecoin “in a safe and sound manner based on extensive supervisory engagement, a recent examination, and failure of Paxos to remediate material issues related to Paxos-issued BUSD in a timely manner.”

The token the NYDFS was likely referring to are B-Tokens, which are its own versions of third-party coins like Bitcoin and Ether, as well as Circle's USDC and Paxos's BUSD.

These tokens are designed to be usable on other blockchains, including the BNB Chain, and are supposed to be backed 1-to-1 by locked reserves of the underlying coins. However, they are stored separately from customer funds and often lack oversight from the original issuers. Binance has minted billions of dollars of these B-Tokens.

 
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Binance to Stick With BUSD After NYDFS Ordered Paxos to Stop Minting

 

Leading cryptocurrency exchange Binance has said it will keep on supporting its Binance USD (BUSD) stablecoin, although it is ready to potentially move away from it as a main trading pair in the future.

That’s according to Binance’s CEO, Changpeng Zhao, who commented on the stablecoin after Paxos, BUSD’s issuer, was ordered by the NYDFS to stop issuing it. Zhao added:

"We do foresee users migrating to other stablecoins over time. And we will make product adjustments accordingly. eg, move away from using BUSD as the main pair for trading, etc.”

Binance pushed to promote BUSD over the last few months, offering no-fee trading on BUSD trading pairs and converting its users’ USDC, UDP, and TUSD holdings into BUSD to boost liquidity.

 
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Bitcoin’s Non-Zero Addresses Grow to 44 Million Record

 

 

The number of non-zero addresses on the Bitcoin blockchain has reached a new 44 million all-time high, shortly after the launch of non-fungible tokens (NFTs) known as Ordinals.

According to a Glassnode report, this is the first time in BTC’s 14-year history in which a portion of its network activity isn’t just being used for peer-to-peer monetary transfers. The firm described it as a “ unique moment in Bitcoin history, where an innovation is generating network activity without a classical transfer of coin volume for monetary purposes.”

The Taproot soft fork in November 2021 enabled the technological applications of the Ordinal protocol, which launched Bitcoin Ordinals on January 21.

Through its numbering scheme, Bitcoin users can assign arbitrary content to satoshis, which has so far led to over 78,400 Bitcoin-native NFT-like images and videos.

 
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Chart of the Week: Volumes Market Share of LSD Tokens

 

Liquid Staking Derivatives (LSD) tokens, including Frax's FXS, Lido's LDO, Rocket Pool's RPL, and Ankr's ANKR, have been a major market focus in 2023, with impressive price growth since the start of the month.

In our Chart of The Week, we examined the CCCAGG volumes and market share of these tokens. Lido has been the top protocol, with an average market share of 64.7% in January and 56.1% in February, while RPL saw a decline from 19.1% in December to 1.2% in January. FXS experienced a decent increase in market share, while ANKR decreased from 46.6% in December to 19.1% in January.

 
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B2Broker and Match Trader Announce Powerful Integration for New White Label Model

B2Broker, a provider of white-label liquidity for FX and crypto markets, has expanded its globally recognized white-label liquidity products for digital businesses. By integrating Match-Trader into its white-label solution, B2Broker has demonstrated its commitment to providing customers with the most comprehensive and versatile solution on the market.

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B2Broker also offers a white-label solution that integrates Match-Trader with B2Core, allowing brokers to provide their customers with a high-quality trading experience. The Match-Trader section of the B2Core website provides new capabilities and features, including the ability to process transactions and access to the platform.

Incorporating Match Trader into its offering, B2Broker provides brokers with a robust and exciting solution for their customers. The package offers a wide range of powerful tools, making it a perfect fit for organizations looking for advanced technology. In the future, Match Trader will be incorporated into IB's programming, providing traders access to a wide range of professional-grade options.

 
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