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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.
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Paxos (PAX): USD Collateralized and Audited Stablecoin