Exchange Paxos Standard Token (PAX)

Paxos Standasd — or PAX — is an ERC-20 stablecoin created by the Paxos Trust Company. PAX maintains a 1:1 ratio to the US Dollar with the reserves to back up the token stored, audited, and protected by the company. With the stablecoin fully backed by an equivalent amount of USD, it can be redeemed for US Dollars at any time. The token — referred to as the “digital dollar” by its creators — was first issued in late 2018 and has since been officially regulated by the New York State Department of Financial Services (NYDFS). This means that Paxos has to meet strict NYDFS requirements and undergo regular exams to ensure maximum protection to its customers’ funds. PAX was created by a team of former Silicon Valley and Wall Street workers lead by CEO Charles Cascarilla after the infamous Tether controversy as a fully-transparent alternative to USDT. The company’s vision was to develop an all-encompassing global network that would facilitate the instant and simple exchange of crypto-assets between all users, making blockchain a commodity. PAX is designed to increase its use cases as the token grows. According to the Paxos official website, the current goal of PAX is to limit the volatility of crypto assets and to remove the barriers between cross-currency transactions. In the upcoming years, the company expects to introduce PAX as a currency for consumer transactions and as a stable asset for countries with volatile national currencies. Withum, a US-based top-ranking auditing company, has been conducting monthly attestation reports meant to verify that the entire amount of PAX in circulation is equal to the amount of USD held in Paxos-owned bank accounts.