PAX

PAX

Paxos Standard
$1.01
+0.53%
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Max SupplyCirculating SupplyIssue DateIssue PriceConsensus ProtocolExplorer
-156,144,292-$1.00POW1
etherscan.io
Total SupplyCryptographic AlgorithmSource CodeWhite PaperWebsiteType
156,144,292Ethashhttps://github.com/paxosglobalhttps://www.paxos.com/standardTOKEN

Paxos Standard™ is the world's first regulated crypto asset. The Paxos Standard token is fully collateralized 1:1 by the U.S. dollar, issued by the Paxos Trust Company, and approved and regulated by the New York State Department of Financial Services. Built on the Ethereum blockchain, it offers the benefits of crypto-assets such as immutability and decentralized accounting. Since it is fully collateralized by dollars, Paxos Standard offers a liquid, digital alternative to cash that is available 24/7 for instantaneous transaction settlement and is fully redeemable. As a Trust company, Paxos is a fiduciary and qualified custodian of customer funds, and can therefore offer greater protections for customer assets than any other existing stablecoin. Dollar deposits used to purchase PAX from Paxos.com are always held in segregated accounts at multiple FDIC-insured U.S.-domiciled banks. Verified Paxos customers can purchase and redeem tokens directly through Paxos.com on a 1:1 basis with USD. Paxos Standard has been designed as an Ethereum token written according to the ERC-20 protocol, so that anyone with an Ethereum wallet will be able to send and receive Paxos Standard tokens. The smart contract has been audited by smart contract auditors Nomic Labs and ChainSecurity, and nationally top-ranking auditing firm Withum will perform attestation procedures on our token and bank account balances on a month-end basis.

  • The Latest Rating
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Coin Bureau
4.5

Paxos (PAX): USD Collateralized and Audited Stablecoin

2018-10-18
Paxos is a stablecoin that is fully backed by US dollars. It has also received approval by the New York Department of Financial Services. Paxos has created a platform that uses distributed ledger technology but has the status of a regulated trust. They view themselves as an advanced modern settlement platform. With this regulated trust structure, paxos is legally able to transfer assets and monies. Similarly, by using blockchain technology, these asset transfers are able to take place in an instant, securely and without risk. The Paxos solution is able to reduce the age-old problem of "settlement risk". Paxos is a company that was actually initially established in 2012 as the Paxos trust company. This ran the itBit cryptocurrency exchange prior to the launch of their new Paxos Standard offering. The team is lead by a number of financial services veterans and has advisors who have worked at the FDIC as well as in government. The PAX token is an ERC20 standard token which means that it is built on the Ethereum blockchain. They are redeemable for exactly 1 US dollar per PAX token. When you redeem your US dollar from the Paxos trust, the PAX token is immediately burned. The PAX token can be stored on any ERC20 compatible wallet such as MyEtherWallet or MyCrypto. Given the extent of the transparency for the trust, many are viewing it as a viable alternative to Tether (USDT). It has also been launched at a time when a number of other comparable stable coins have hit the market. These include the likes of the Gemini Dollar and Trust Token's TrueUSD (TUSD) stablecoin. There has been a pretty rapid adoption of PAX by a raft of exchanges post launch. For example, they are listed on 7 cryptocurrency exchanges and have also been adopted by a number of broker dealers and other cryptocurrency OTC operators.