Will Paxos stop issuance of BUSD?

Paxos, a blockchain company, announced Monday that it had been instructed by the New York State Department of Financial Services (NYDFS) to stop issuing BUSD, a Binance-branded stablecoin pegged to the US dollar. The firm said in a statement that it would stop issuing the token on February 21.

Does Paxos still issue BUSD tokens?

Effective February 21, Paxos will cease issuance of new BUSD tokens as directed by and working in close coordination with the New York Department of Financial Services (NYDFS). Paxos Trust, a regulated institution overseen by the NYDFS and audited by a top-four accounting firm, will continue to manage BUSD dollar reserves.

Does Paxos Mint BUSD?

Paxos no longer mints new BUSD, but allows customers to redeem BUSD for USD. Paxos has ended its relationship with Binance for the branded stablecoin BUSD. Effective February 21, 2023, Paxos ceased issuance of new BUSD tokens as directed by and working in close coordination with the New York Department of Financial Services (NYDFS).