CZ: BUSD may not be used as the primary transaction currency in the future

BlockBeats news: On February 13th, CZ, founder of Binance, responded to the recent SEC investigation into Stablecoin issuer Paxos by saying: "Binance will continue to support BUSDs for the foreseeable future. We do foresee users migrating to other stablecoins over time. We will also make product adjustments accordingly. "Paxos has informed us that the New York State Department of Financial Services has directed them to stop issuing new BusDs," a Binance spokesperson said ina statement Monday. BUSD is a stablecoin wholly owned and managed by Paxos. "As a result, the BUSD market value will only decline over time. Paxos will continue to service the product, manage redemptions, and will follow up with other information as needed. Paxos also guarantees that the funds are safe and fully covered by its bank's reserves."