The SEC has a stablecoin firm in its sights — and it could shake up the whole $137 billion market

Home » Business » The SEC has a stablecoin firm in its sights — and it could shake up the whole $137 billion market

Paxos has been ordered by New York regulators to stop issuing the Binance USD (BUSD) stablecoin.Jakub Porzycki | Nurphoto | Getty ImagesThe U.S. Securities and Exchange Commission could be gearing up to take action against Paxos, a company that issues a type of cryptocurrency called stablecoin.The move will have major implications for the $137 billion market, experts told CNBC.Stablecoins are a type of cryptocurrency designed to mirror real-world assets such as the U.S. dollar.These stablecoins are often backed by real assets such as bonds or cash in reserve. They have become the backbone of the crypto market as they allow people to trade in and out of different coins quickly without having to convert in and out of fiat currency.Paxos issued a digital currency called Binance USD or BUSD. It is a stablecoin associated with Binance, one of the world’s biggest cryptocurrency exchanges …

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