In terms of those rules, a big one is the removal of bankruptcy risk, Hessert said. “Customers’ assets are protected, including if Paxos were to go bankrupt – a situation we now see with a bunch of companies in crypto. If you can end up sitting in line as a general creditor of a private company that issued you a stablecoin, that’s not as good as a physical dollar,” he said.
Source: https://www.coindesk.com/business/2023/08/07/paypals-regulated-stablecoin-is-a-watershed-moment-in-crypto-space-says-paxos/?utm_medium=referral&utm_source=rss&utm_campaign=headlines