PAX News

In September 2018, New York-based blockchain company Paxos announced the release of a new stablecoin called Paxos Standard. This is a fully USD collateralized stablecoin which is regulated and approved by the New York State Department of Financial Services. PAX is the first regulated trust company with blockchain expertise which is using it to create a modern settlement solution that can eliminate risk and simplify the settlements. PAX is an ERC-20 token which is built on the Ethereum blockchain. After registering and getting verified, the users can purchase and redeem the PAX tokens directly at Paxos.com on 1:1 basis with US dollar. The tokens remain in circulation as long as there are corresponding US dollars held in reserve. When the tokens are redeemed for USD, they are immediately burned or destroyed. Trading on the itBit platform which is owned by Paxos will make the withdrawing of other currencies to PAX instantaneously and without fees. The token can be stored in ERC-20 compatible wallets. Nomic labs audit the PAX smart contract, and the account reserves are audited by Withum which is a national top-ranking auditing firm. The PAX has become the most widely adopted digital currency with support from over 20 exchanges and OTC desks in the initial five weeks of its existence.