'Know Your Issuer': This Tech Combats Counterfeit Coins, Starting With USDC and PYUSD

Bluprynt recently completed a pilot project aimed at stifling counterfeit cryptocurrencies, integrating a “Know Your Issuer” framework into stablecoins from Circle and PayPal, the provider of crypto-focused compliance solutions told Decrypt on Wednesday.

The company, led by Georgetown Law Professor Chris Brummer, estimates that phony tokens are causing crypto users at least $1.6 billion in losses each year. The company’s solution aims to reduce that sum by linking issuers’ credentials to assets on-chain.  

“The question of counterfeit tokens is more than just a retail investor issue, although it's an obvious one,” he said. “If you create a token, and someone’s creating a counterfeit version, it can be very hard to do your business because someone is undermining your brand.”

Read more at Decrypt here.