Paxos Standard (PAX) is the new digital dollar. On 15th of October, Paxos Standard (PAX) was listed for trading on the Emirex exchange. Current available trading pair on the Emirex exchange: PAX/USDT, PAX/BTC
Paxos Standard Token (PAX) is a regulated ERC-20 stablecoin, which maintains 1:1 parity with the U.S. dollar.
Paxos is the first regulated trust approved to trade digital assets in New York. The Paxos board of directors includes a former Federal Deposit Insurance Corporation (FDIC) chair and a former US Senator.
Paxos Standard runs on both, Ethereum as an ERC-20 token, and on the Ontology blockchain as an OEP-4 token. It was designed for multiple use-cases such as peer-to-peer transfers, commerce, trading, and holding.
- Token Standard - ERC-20
- PAX Price - $0,999248 USD
- PAX ROI - -0,13%
- Market Rank - #59
- Market Cap - $244 767 788 USD
- 24 Hour Volume - $295 423 180 USD
- Circulating Supply - 244 951 954 PAX
- Total Supply - 249 952 065 PAX
- All Time High - $1,10 USD (Oct 15, 2018)
- All Time Low - $0,872764 USD (Mar 13, 2020)
Paxos Standard is the world's first regulated crypto asset. The Paxos Standard Token is fully backed by 1: 1 USD issued by the Paxos Trust Company and is approved and regulated by the New York State Department of Financial Services (NYDFS).
Built on the Ethereum blockchain, it offers the benefits of crypto-assets such as immutability and decentralized accounting. Since it is fully backed by the dollar, Paxos Standard offers a flexible, digital alternative to fiat, providing a 24/7 option to settle transactions instantly.
As a trusted company, Paxos is a fiduciary and qualified custodian of client funds and therefore can offer more protection for clients' assets than any other stable product in existence.
The Paxos Standard was designed as an Ethereum token, written in accordance with the ERC-20 protocol, so anyone with an Ethereum wallet can send and receive Paxos Standard tokens.
The Paxos Standard Token (PAX) is an ERC20 token that is 100% backed by US dollars. For every PAX being traded, there must be at least one US dollar in the Paxos bank accounts. The stablecoins seeks to combine the longstanding stability and reliability of the US dollar with the benefits of a digital currency. Namely, it can be transferred immediately all over the world to anyone at nearly zero cost.
PAX can be used for payments, transfers, and trading between other crypto assets. Because it is a stablecoin, it is mainly used as a stable store of value in exchanges, which means that crypto traders can trade and hold onto PAX to alleviate volatility in their crypto portfolio.
- Zero commission when converting to fiat;
- Unaffected by volatility;
- The ability to quickly convert assets 24/7;
- Each token is backed by the US dollar, which lies in accounts with US banks and insured by the Federal Deposit Insurance Corporation (FDIC).
- 09 Jul 2020: Announced the availability of Bitcoin Cash and Litecoin on Paxos for deposits, withdrawals, buying, selling, and holding;
- 15 Jul 2020: Powered the crypto solution for a fintech leader, Revolut;
- 30 Jul 2020: Revealed its support process of HUSD;
- 11 Sep 2020: Celebrated a year of growth of PAX Gold and announced its availability on Gemini;
- 21 Oct 2020: Announced that Paxos is powering PayPal’s new service enabling its US users to buy, hold, and sell cryptocurrency directly from their PayPal digital wallet.
PAX is upgrading clearing and settlement to meet the speed and efficiency of trading. In the next chapter, Paxos intends to become a fully registered clearing agency with the SEC. It has submitted its draft application to the SEC staff intending to become the second Clearing Agency actively settling US equity trades for broker-dealers in 2021. If approved, broker-dealers will have a choice of clearing agency solutions for the first time in decades. PAX will deliver the benefits of faster, cheaper, and more capital efficiency to the equities markets — and then to many other assets in the near future.
PAX is on the market for a relatively short time. Due to the support of the Paxos Trust Company, which has gained recognition since 2012, the cryptocurrency is gaining momentum and popularity. First of all, its advantage is evidenced by the fact that the creator company has been among the leaders in the developers of virtual coins for the last 6 years. In addition, the project has unshakable financial support in the face of the US financial system. On the other hand, this cryptocurrency has its competitors who offer the same list of services and are provided with no less serious support. Many users are attracted by the audit level, the usability of these tokens, and the fact that they can be exchanged for dollars within 24 hours. Thanks to this, many experts regard the prospects for the Pax currency as quite high. In the event of a massive transition to digital currency and the emergence of an opportunity to pay for a product or household appliances with tokens, the Pax currency will become one of the main ones, given its strong exchange rate.