Forbes: The existing institutions have contacted with Qian An to launch a new stable currency to replace BUSD

It is reported that some institutions have contacted and proposed to launch a new stable currency to replace BUSD. According to Patrick Hillmann, the chief strategic officer of Coin Security, due to the ban imposed by the US regulatory authority on the issuer of BUSD, Paxos, which is not allowed to issue more tokens, a number of private and public entities have expressed interest in carrying out a new stable currency cooperation plan with Coin Security, “especially entities in Europe and the Middle East”,

Interpretation of this information:

As reported, there are some institutions that have expressed their interest in launching a new stable currency to replace BUSD. The reasons behind this are due to the ban imposed by the US regulatory authority on the issuer of BUSD, Paxos, which restricts them from issuing more tokens. This has prompted several private and public entities, especially in Europe and the Middle East, to approach Coin Security, a cryptocurrency exchange, with proposals to launch a new stable currency.

A stable currency is a digital currency that aims to maintain a stable value against another asset, such as fiat currency or a commodity. BUSD, which stands for Binance USD, is a stable currency that was launched by Paxos and Binance in 2019. It is pegged to the US dollar at a 1:1 ratio and is used to facilitate transactions on the Binance platform. However, the regulatory ban has put a roadblock in the issuance of more BUSD tokens, leading to the emergence of new proposals for stable currencies to replace it.

Patrick Hillmann, the chief strategic officer of Coin Security, has confirmed that the exchange has received several proposals from private and public entities to collaborate on a new stable currency. The interest seems to stem from entities in Europe and the Middle East, indicating a growing demand for stable currencies in those regions. Coin Security has not disclosed any further details about the proposed stable currency, but if it is developed and launched successfully, it could potentially replace BUSD as a popular stable currency.

The emergence of new proposals for stable currencies is not surprising, given the recent surge in demand for cryptocurrencies. Stable currencies, in particular, are gaining popularity due to their stable value, making them less volatile than other cryptocurrencies. Additionally, the regulatory ban on Paxos could potentially lead to a shortage of BUSD tokens, creating a need for alternative stable currencies.

In conclusion, the news of institutions proposing to launch a new stable currency to replace BUSD highlights the growing demand for stable currencies in the cryptocurrency world. It also sheds light on the challenges faced by regulators in regulating digital currencies and their issuers. The three keywords from this message are stable currency, regulatory ban, and Coin Security.