Binance’s CEO Says Algo Stablecoins May Reemerge
- CEO says industry may move away from dollar-backed stablecoins
- Paxos to stop issuing Binance-branded coin known as BUSD
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Binance Chief Executive Officer Changpeng “CZ” Zhao said the cryptocurrency industry may move away from dollar-linked stablecoins and even revisit algorithmic equivalents in the wake of a US regulatory crackdown.
“The amount of pressure put on stablecoins is quite significant. Multiple agencies are applying pressure there,” Zhao, who heads the world’s largest crypto exchange, said during a Twitter Spaces Q&A on Tuesday. “That’s going to shrink the USD stablecoin market, so the industry is exploring its options.”