THE STABLECOIN OF BINANCE
The SEC initially targeted Kraken last week and is now targeting Binance. They are pursuing BUSD stablecoin this week. The inflation rate in January drops to 6.4%, which is still very high. We only fell by 0.1% because that is just down from 6.5% in December. 6% inflation is still very high, even though the 40-year high of 9.1% in June was high. Even though we decreased last month, it is still significantly more than the FED's 2% target, which is advantageous for the markets. Although a little slower than last time, we are still moving in the correct way.
On a monthly basis, however, the price did go up by 5% in January compared to historical figures from 1.1% in December. While overall progress is being made, the slowdown will be weighing heavily on some people's thoughts in the markets.
The largest bank in Singapore, DBS, has been offering customers a variety of Bitcoin-related products for some time. They are now submitting an application for a crypto license in Hong Kong in order to start providing crypto services there. How to launch an ETF product featuring Bitcoin and Ethereum in Hong Kong. Companies are attempting to introduce Bitcoin spot goods in Hong Kong. A significant amount of Chinese wealth may flow into Hong Kong as China's window to the rest of the world becomes more crypto-friendly, and Singapore's DBS bank is keeping an eye out because it believes it wants a piece of it. This is an intriguing tale since one of the largest banks in east Asia is investigating the region's financial center and traveling there to compete for a piece of the upcoming Bitcoin games.
The BUSD stablecoin is being pursued by the SEC on the grounds that it is a security. The Paxos corporation issuing the Binance USD stablecoin (BUSD) stablecoin. One of the businesses with the greatest regulations and the required government permits is Paxos.
They are opting to target this group despite the fact that it is governed by the Europe Department of Financial Services. When you hang onto a stablecoin, there is no expectation of reward, so it is strange to think of BUSD as security. The SEC took legal action against the Kraken exchange last week for providing staking services to users. Staking your token is not illegal, despite the fact that the SEC has now made it so in the US. There is nothing wrong with it. Although the SEC is attempting to dispute this, it is currently illegal to hold stablecoin. Paxos stated they would be filing this case, therefore it will go to court.
A very interesting topic. Thank you for sharing
Nice to see your writing about stable coin in Binance. Nice informative content