Change (20:35 UTC, February 13, 2023): Paxos will stop issuing Binance stocks under the direction of the New York Financial Services Center (New York Department Of Financial Services) rather than the Securities and Exchange Commission (Securities And Exchange Commission).

Stable currency publisher Paxos has decided to stop issuing Binance dollars (BU.S.) with the help of the New York Financial Services Center, which will surpass the market for stable coins worth $136 billion-the market share may be gained by the USDT of Tether and the USDC of Circle, the field leader.

Another big winner is likely to be MakerDAO's Dai, a leading blockchain technology horse shed.

Binance is one of the most traded login password trading centers in the world, and the company has invested heavily in promoting the use of US dollars in this platform. Although the Internet Finance Law firm based in New York is the official publisher of stable coins, Ben Evan lent his brand tokens.

In September of this year, Binance even implemented radical measures, choosing to abandon USDC trading pairs involving Circle and instead stipulate the trading of US dollars against US dollars. This measure helped Binance grow rapidly into the third most popular stable asset, with $16 billion in outstanding debt, accounting for 35 per cent of Binance's huge turnover.

Now, with the impact of the US state of New York, it is reported that the Securities and Exchange Commission will launch a tough crackdown, and this diligence is gradually stagnating, paving the way for the withdrawal of competitors. "over time, the total market capitalization of Binance can only be reduced," BinanceCEO Zhao Changpeng wrote on Twitter on Monday.

According to CoinGecko, USDT is a very stable investment, with about $69 billion outstanding, followed by USDC, with a total outstanding amount of $41 billion. Dai Xianglong is valued at $5 billion.

Clara Medalie, head of exploration at Kaiko, a digital asset profiling company, told WJB: "Paxos's decision to smoothly log in to the password industry and refresh the core strategy of Binance worldwide login password support."

New York City's action against Paxos opens a new chapter in the brutal competition for dominance in the ringgit market. Sablecoins has long been developed into a $135 billion type used in Crypto, supporting the login password ecosystem, sometimes referred to as the "killer test case for login passwords".

Based on maintaining a fixed price (usually pegged to the US dollar), dynamic passwords are particularly important to facilitate the trading of digital assets on exchanges and the transfer of use value between traditional currencies and digital currencies.

"this upwind reversal may lead to a stable investment market integration of blue chips such as Tether and USDC," Leena ElDeeb, a research assistant at 21.co, a digital asset company, said in an email. "the most likely big winner is Tether, as long as we see millions of dollars injected into the U.S. Department of Agriculture on Binance."

Kaiko's Medalie said: "if the dollar is not there, USDC will benefit a lot, and it will be interesting to see if Binance will resume listing."

However, some people worry that Circle will be the next target of SEC's enforcement action against stablecoin issuers.

"if it is more advantageous for him to take advantage of this situation, we may see scattered and stable people like Dai curbing the rise of censorship mechanisms," ElDeeb said.

What's the next step for Binance?

Because Binance's decision to give only its own products to BU.S., to estimate Paxos has limited accounting impact on the exchange.

"this may not have a big impact on their business processes," McGregor, an investment analyst at Kaiko, said of Binance. "for now, it is likely that the harm is usually in terms of creditworthiness, especially after gradually replacing USDC and other [stable loan currencies]."

Parksos's withdrawal may not be the end of Binance's fixed-income aspirations.

"Binance may also find another publisher for the dollar, or find a different solution," Megalie said. "there are still a lot of changes going on, but for now, we can expect traders to start gradually selling their dollar holdings."

Traders sell Binance dollars

After news of the controls broke, Paxos and Binance assured investors that dollar redemptions would be followed at least until February 2024.

Kaiko, a digital assets research center, wrote in its morning newsletter: "this did not stop traders from flocking to the entrances and exits."

According to the trading block chain data, investors have been scrambling to sell and hold dollars, adding to the expectation that the tokens will be pegged to the dollar.

At Binance, the spot market volume of the dollar against the dollar has exceeded $3 billion in the past 24 hours, the largest one-day turnover since the collapse of the sales market triggered by the FTX implosion last November.

In the larger curve pool of dollar-diversified equity financing (DEFI) agreements, traders can also swap between relatively stable bonds, basically consuming the liquidity of USDT, USDC and DAI. Today, 85% of the pool's liquidity is in dollars, making it difficult for traders to exchange a lot of dollars, driving merchants to accept losses at exchange rates. At the current rate, a trader gets $9982 for $10000.

In addition, block chain data in Nansen show that on Monday, the Paxos Ministry of Finance transferred about $275 million to a damaged detailed address to remove the tokens from circulation.