Paxos Standard Token ( PAX ) is a regulate ERC-20 stablecoin, which maintains 1:1 parity with the U.S. dollar. It was issued by the Paxos Trust Company on September 14, 2018, and is regulated by the New York State Department of Financial Services ( NYDFS ) .
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What is Paxos Standard Token (PAX)?
Paxos Standard Token ( PAX ) is an ERC-20 token issued on Ethereum blockchain. As a regulate stablecoin collateralized by the U.S. dollar, it brings benefits of the blockchain technology and constancy of decree currencies together.
It results in a brace cryptocurrency which offers :
- Instant worldwide transactions
- Decentralized accounting
- 24/7 transactions
On top of that, every PAX keepsake is in full backed by the equivalent measure of U.S. dollars, meaning it can besides be redeemed for USD at any meter. however, according to U.S. Law, Paxos Standard international relations and security network ’ t a security system. PAX Standard was established in the light of the ill-famed Tether controversy, where the leading market stablecoin has come under scrutiny for printing Tethers out of slender air during the early 2018 crypto market bull scat. Paxos team has noticed the opportunity and made an extra feat to be vitamin a transparent as possible. Paxos issues and burns its tokens using an audit smart shrink, inspected by smart contract auditor Nomic Labs. Withum, one of the crown U.S. audit companies, regularly verifies the reserves . Who Is The Team Behind Paxos?
Paxos team consists of season professionals from diverse backgrounds, including former Wall Street and Silicon Valley employees. The party is led by its co-founder and CEO Charles Cascarilla. Paxos Vision
Paxos team sees a future in which blockchain international relations and security network ’ t a separate of a major fiscal revolution, but an essential element of its evolution. In the adult picture, the company wants to improve the economic ecosystem by developing a global frictionless network for simpleton, mobile and instantaneous exchange of assets .
How Does Paxos Standard Token Work?
Paxos Standard is designed to have growing use cases. today, it ’ sulfur primary use case is to limit crypto asset volatility, remove friction from cross-border transactions, and become a dependable payment vehicle for crypto assets and other blockchain assets. In the future, Paxos expects to be used for consumer payments and the stable storehouse of respect for people outside the U.S., specially in countries with mentally ill national currencies. hera ‘s how tokenizing USD to PAX works : 1 ). A drug user sends USD to the token issuer ‘s bank score.
2 ). The issuer creates the equivalent measure of PAX using PAX smart contract.
3 ). The impertinently minted PAX are delivered to the drug user while the USD is held in the bank account. The same but converse process is used to redeem PAX for USD. Every Paxos Standard token can be purchased and redeemed using Paxos.com. Upon PAX keepsake redemption, the tokens are immediately burned and taken out of the circulation. It ’ randomness worthy to note the company doesn ’ thyroxine agitate any fees for both converting and redeeming PAX tokens. The minimal conversion sum starts at $ 100. Paxos uses third-party auditors for proving they hold the represent amount of dollars. The monthly attestation reports can be found here .
Is Paxos Standard Token Different From Other Stablecoins?
The Paxos web site emphasizes the follow features of pax :
- Regulation. Paxos is regulated by the New York State Department of Financial Services.
- Guaranteed cash deposits. Every collateralizing deposit is held at FDIC-insured U.S. banks.
- Audited. Every Paxos Standard bank account is overseen by U.S. auditing firm Withum.
- Security. Paxos employs additional transaction monitoring and surveillance partners for an extra layer of compliance.
- Daily purchase and redemption windows. PAX tokenization and redemption requests are processed in regular windows that facilitate free and frequent fund movement. Every operation is usually done within one business day
- No fees. Paxos Standard tokens are issued and redeemed without any extra charges.
These features make PAX like the other recently emerged stablecoins – USD Coin ( USDC ), TrueUSD ( TUSD ) and Gemini Dollar ( GUSD ). All of them are amply redeemable regulated ERC-20 tokens backed 1:1 which are backed by U.S. Dollars, uses Ethereum smart contracts to issue and burn tokens, and are overseen by the U.S. auditors and regulators. Besides, none of these platforms charge transaction/conversion fees ( despite few exceptions ). The most meaning dispute between PAX and its rivals are different partner organizations and more effective operations due to its “ processing windows. ” All the fresh stablecoin projects are designed to decrown the longstanding grocery store leader Tether ( USDT ). It employs a exchangeable model but has refused to conduct regular audits and provide credible attestations. Yet, most USDT coins are issued on Omni protocol.
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The lone basically different stablecoin within top 100 coins is DAI. This Maker ‘s project is n’t fiat-collateralized but hush strives to retain prize relative to USD. here ‘s a brief overview of four different types of stablecoin projects :
- Fiat-collateralized. These include all stablecoins pegged to reserved fiat value. All fiat-collateralized coins are centralized by design. Examples: Tether (USDT); TrueUSD (TUSD); Gemini Dollar (GUSD); Paxos Standard Token (PAX); Digix Gold (DGX); USD Coin (USDC).
- Crypto-collateralized. These are the stablecoins whose value is pegged to reserved crypto assets. Examples: Makercoin (MKR & DAI); Havven (nUSD & HAV).
- Algorithmic non-collateralized. Software-based economic models that seek to provide price stability without any collateralized assets. Example projects: Basis; Kowala; Fragments.
- Hybrid. The stablecoins which rely on a blend of the approaches listed above. Example projects: Carbon.
BitBay, another crypto stablecoin stick out, recently has shared an concern crypto comparison matrix, which sheds some light on how the most democratic stablecoin projects stack up. Although, the axes of “ enforceability ” and “ decentralization ” are dim .
Where to Get Paxos Standard Token?
Paxos keeps on landing new partnerships with popular exchanges. Some of them are : Binance ( paired with BTC, USDT, ETH, XRP, EOS, XLM, BNB ).
Bittrex ( paired with BTC, USDT ).
DigiFinex ( paired with USDT ).
OKEx ( paired with BTC, USDT ).
ZB.COM ( paired with BTC, USDT, ETH, ETC, LTC ).
CoinBene ( paired with USDT ).
CPDAX ( paired with BTC ).
Hotbit ( paired with BTC, USDT, ETH ).
BCEX ( paired with USDT ).
Coinsuper ( paired with USD, BTC ).
Gate.io ( paired with USDT ).
UEX ( paired with BTC, USDT ).
Bitrue ( paired with BTC, ETH, USDT, XRP ).
Kucoin ( paired with BTC, ETH ).
Bit-Z ( paired with BTC, ETH, USDT ).
Upbit ( paired with BTC ).
ABCC ( paired with BTC, USDT ).
OKCoin International ( paired with USD ).
FCoin ( paired with USDT ). Paxos Standard Tokens can besides be exchanged using Paxos.com web site .
Where to Store Paxos Standard Token?
PAX is an ERC-20 token issued on the Ethereum blockchain. consequently, it can be stored in any Ethereum wallet. The most common ETH wallet options include MyEtherWallet, MetaMask, Mint or Jaxx. If this is your first meter getting involved with Ethereum, you can find steering in one of our quick Ethereum guides .
Current State of The Project
Paxos has entered the crypto “ wear market ” and became one of the fastest grow stablecoins. Its team continuously works on new partnerships. Some of the latest announcements include PAX listing on Binance and partnerships with companies like Bitpay and Global Bitcoin Payment Service, and others. In the future, Paxos expects to become the crypto market leading coin. Similar Projects
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If you enjoyed learning about PAX, you might continue exploring other stablecoins, like : Tether ( USDT ). The oldest and most democratic USD-backed stablecoin used by many exchanges.
USD Coin ( USDC ). USD-backed ERC-20 token by Circle.
Gemini Dollar ( GUSD ). USD-pegged determine ERC-20 keepsake issued by Gemini commute.
TrueUSD ( TUSD ). An ERC-20 USD stablecoin launched by the TrustToken project.
Dai ( DAI ). ERC-20 stablecoin, backed by USD .
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