Paxos: $250M in Signature Bank

Paxos, a stablecoin issuer, issued a statement stating that Paxos currently holds $250 million in Signature Bank and holds private deposit insurance, far exceeding its cash balance and the FDIC limit per account. Paxos said seeking private deposit insurance is one of its conservative approaches to managing client assets that exceed FDIC insurance limits. All Paxos stablecoin reserves are fully backed and can be redeemed 1:1 with U.S. dollars to customers at any time, Paxos said.