Paxos: Currently, there are $250 million in deposits at Signature Bank, and Paxos stablecoins can be redeemed 1:1 at any time

ChainCatcher news, stablecoin issuer Paxos tweeted that it currently has a deposit of $250 million at Signature Bank and has established a deposit insurance system. All Paxos stablecoin reserves are fully backed and can be redeemed to customers at a 1:1 ratio in USD at any time.

According to reports, the U.S. Treasury has taken extraordinary measures to protect customers and announced that all customer deposits at Signature Bank will be fully guaranteed. (Source link)