Two crypto companies, Gemina Trust and Paxos, got a green light from a New York state regulator to launch their own stablecoins pegged 1:1 to the U.S. dollar.  New York Department of Financial Services (NYDFS) gave an okay to Gemini Trust, the crypto exchange founded by the Winklevoss twins, to launch Gemini Dollar (GUSD). It also gave a nod to Paxos Trust, the company behind the over-the-counter (OTC) exchange itBit, to issue Paxos Standard (PAX). Both coins launched on September 10, 2018.  Since Tether (USDT), the most recognized of the stablecoins, launched in 2014, many other stablecoins have followed, all pegged to the value of some underlying asset, like another currency. In general, stablecoins provide a digital alternative to cash and serve as a hedge against volatility. Some critics claim, however, that stablecoins are being used for money laundering and, in the case of Tether, to manipulate the price of bitcoin. This is why the NYDFS says it has gotten stringent assurances from Gemini and Paxos. According to the NYDFS’s press release, Gemini and Paxos tokens are subject to the Bank Secrecy Act, anti-money laundering and Office of Foreign Assets Control controls “to prevent the Gemini Dollar or Paxos Standard tokens from being used in connection with money laundering or terrorist financing.”“These approvals demonstrate that companies can create change and strong standards of compliance within a... For Further Information Click on Below Button