stablecoin

Paxos says it would stop issuing new Binance USD, which is backed by traditional cash and US Treasury bills

PayPal had hoped to debut the stablecoin, which will be backed one for one by the dollar, in the coming weeks

The crypto market, known for its wild price swings, fell on Thursday to its lowest since Dec 2020

The token's crash last week sent cryptocurrencies tumbling, a slide which resumed on Monday

Prospect of stablecoin being used by billions of people has galvanised central banks into putting together rules