scoop: Circle alerted the New York regulator to Binance's historical undercollateralization of Binance-peg tokens last autumn, months before we reported the issues in January and today's action against Paxos the complaint was based on blockchain data showing that the B-Token version of USDC was underbacked, at times by dramatic amounts. Binance maintains B-Tokens were always 100% backed, just not in the wallets it had outlined for collateral (prev. story here) bloomberg.com/news/articles/…

Binance says Paxos, the issuer of its $16 billion branded stablecoin BUSD, has been told to stop minting by the New York Department of Financial Services bloomberg.com/news/articles/… BUSD is the world's third largest stablecoin at $16 billion in circulation, 90% of which is on Binance's platform per @nansen_ai

staking, part of crypto’s lifeblood, is about to get a shock to the system as the US prepares scrutiny that could force big exchanges to shut down domestic offerings or move offshore

weekend read from me:
bloomberg.com/news/articles/… proof-of-stake is becoming increasingly popular for blockchains because they use much less energy and potentially allow more people to share in the rewards. Ethereum, Solana, Cosmos, Polygon and Tezos all rely on some form of staking to operate bloomberg.com/news/articles/…