Welcome to the Tech Meme ride home for Monday, February 13th, 2023. I'm Brian McCullough today.

Binance's Stable Coin seems to be dead, but with regulatory questions swirling around Paxos, I'm wondering

if all stable coins might be about to see a rug pool.

Tons of uncertainty swirling around the Metiverse all the sudden.

Can the Metiverse still happen if all of its funding gets

pulled and are all of these AI tools being rushed to market in embarrassing ways?

Here's what you miss today in the Kaput after Binance says, the NYDFS ordered Paxos to stop issuing more of its

Binance U.S. D stable coin which has 6.2 million holders.

Paxos will continue redemptions, however,

they just aren't going to mint more.

But there's much bigger questions swirling here,

quoting the Wall Street Journal.

The New York Department of Financial Services ordered Paxos Trust, which issues

and lists Binance's dollar pegged cryptocurrency to stop creating more of its BUSD token,

Binance said in a statement. BUSD token, BINANS said in a statement.

BUSD known as BINANANTS USDA is a stable coin backed by US dollars

on a one-to-one basis.

BINANS and Paxos partnered to launch it in 2019 and said the stable coin was approved by New York's financial

regulator.

Binance USDA strayed slightly from its dollar peg Monday morning, trading as low as 98 U.S. cents according to data from

Coin Desk.

The Stable Coin traded at a discount to rival Teather, a sign that traders were converting

...