Stablecoin issuer Paxos said that it currently has $250 million in deposits 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 with the U.S. dollar at any time. Earlier news, Signature Bank collapsed and has been taken over by the U.S. FDIC, and all depositors will be compensated.