Home / Crypto News / New York state regulators approve two stable coins to work with the US dolla

New York state regulators approve two stable coins to work with the US dolla

The New York State Financial Services Authority (NYDFS) has approved two kinds of stable coins linked with the US dollar.

Approved are Gemini dollars (GUSD) issued by the cryptocurrency exchange Gemini (Gemini ) and Paxos standard (PAX) issued by the US block chain company Paxos (Paxos ) .

It works in conjunction with the dollar circulating in US banks and is subject to deposit insurance by the Federal Deposit Insurance Corporation (FDIC) and is verified monthly by the audit firm whether the deposit is correctly linked to the dollar.

Likewise, smart contracts are also audited by security companies. There have been stable coins linked with the dollar, but this time it will be the first time approved by regulatory authorities.

In addition, Bibox announced as an exchange which adopted GUSD already issued by Gemini.

@ Bibox 365 has announced plans to list the Gemini dollar! Https://t.co/bQHaXzzGNy pic.twitter.com/sOEk 6 hRkI 5

– Gemini (@ GeminiDotCom) September 11, 2018

What is a stable coin backed by a stable asset? Describe features and applications – CRYPTO TIMES

Article Source: Paxos ® Launches New Stablecoin, Paxos Standard ™, Gemini Launches the Gemini dollar: US Dollars on the Blockchain

Author: NT 【Coin Desk News】 – Source Post: https://crypto-times.jp/ny-stable-coin-accept/

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