Paxos Standard (PAX) is a stablecoin that allows users to exchange US dollars for Paxos Standard Tokens to ‘transact at the speed of the internet’. It aims to meld the stability of the dollar with blockchain technology.
Paxos Standard (PAX) is a stablecoin that allows users to exchange US dollars for Paxos Standard Tokens to ‘transact at the speed of the internet’. It aims to meld the stability of the dollar with blockchain technology. Paxos, the company behind PAX, has a charter from the New York State Department of Financial Services, which allows it to offer regulated services in the cryptoasset space.
ANALYSIS OF PAXOS STANDARD (PAX) IN TERMS OF VOLUME OF TRADE
The monthly trading volume of Paxos Standard (PAX) on May 22,2020 is 130,108,914. And 148,000,697 on June 21,2020.The difference in monthly trading volume within this duration is 17,891,783.The increase in percentage trading volume is 13.75 percent.
WEEKLY TRADING VOLUME OF PAXOS STANDARD (PAX)
The weekly trading volume of Paxos Standard (PAX) on June 21,2020 is 148,000,697. And 198,419,674 on June 15, 2020.The differerence in weekly trading volume is 50,418,977.The increase in weekly percentage trading volume is 34.07 percent.
PARTNERSHIP IN PAXOS STANDARD (PAX)
Binance Partners with Paxos to Launch USD-Backed Stablecoin ‘BUSD’
The regulated financial institution that digitizes and mobilizes assets, Paxos Trust Company, and global cryptocurrency exchange and blockchain ecosystem, Binance, today announced its partnership to launch a USD-denominated stablecoin, Binance USD (BUSD), which has received approval from the New York State Department of Financial Services (NYDFS).
Rich Teo, Paxos Co-Founder and CEO Asia, commented, “NYDFS’s approval of BUSD is a vital step towards long term stability in global crypto markets. We are proud that our stablecoin as a service offering enables trusted companies like Binance to introduce products customized for their users. The Paxos brand symbolizes regulatory integrity, consumer protection and transparency for all of our partners.”
Later this month, BUSD will be available on the Paxos platform for direct purchase and redemption 1:1 for U.S. dollars and available on Binance.com for trading initially against BTC, BNB and XRP. Paxos will serve as the USD custodian and issuer of BUSD.
“Paxos is leading the digital trusts space and we are excited to work with them in developing our native stablecoin,” said CZ (Chagpeng Zhao), Binance CEO. “We hope to unlock more financial services for the greater blockchain ecosystem through the issuance of BUSD, including more use cases and utility through the power of stable digital assets.”
Stable Universal Partners With Paxos And Huobi To Launch New Stablecoin: HUSD
Stable Universal Limited, a U.S.-based crypto startup venture, today announced it will launch a new U.S. dollar-backed stablecoin, HUSD Token. To ensure full backing of every HUSD Token and regulatory oversight, the dollars backing HUSD Token will be held in reserve by Paxos Trust Company, a fiduciary and qualified custodian regulated by the New York State Department of Financial Services (NYDFS).
HUSD Token will first be listed by Huobi Global, the world’s leading digital asset trading platform. In the coming days, Huobi will transition from its current HUSD system (a solution that allows multiple stablecoin denominations to trade as one) to the new HUSD Token issued by Stable Universal. HUSD Token, designed as an ERC-20 token, will also be available to be listed on other exchanges, wallets and cryptocurrency platforms.
Frank Zhang, CEO of Stable Universal, said, “In today’s cryptocurrency markets, traders always need access to a safe, trustworthy stablecoin that is fully redeemable and limits risk exposure. HUSD Token is reliable and designed to be efficient and simple – we believe it’s the best fiat on-ramp and will be a game-changer in the space. We’re excited that Huobi will list HUSD Token, allowing us to build liquidity quickly with their massive customer base. Combined with the sterling reputation of Paxos, we are offering a product with the highest level of oversight and protection.”
SIBEX partners with Paxos to trade physical gold on a blockchain
SIBEX is partnering with Paxos to facilitate peer to peer Over The Counter (OTC) trading. SIBEX is the developer of a peer to peer protocol which creates new arbitrage opportunities for institutional traders while eliminating the issues that exist with current OTC markets. Paxos is a regulated financial institution that digitizes and mobilizes assets; it offers PAX Gold (PAXG), a regulated digital asset backed by physical gold.
This partnership will allow SIBEX to distribute PAX Gold. This is an asset-backed digital token, with each token representing one troy ounce of London Good Delivery gold stored in a London vault.
Because SIBEX believes gold is a difficult asset to invest in (and hold), it proposes to make it easy for investors – by offering PAX Gold. With PAX Gold, investors (or speculators) can hedge against the volatility of other digital assets, via a regulated investment tool with exposure to gold assets.
Paxos is a New York-regulated financial institution on a mission to create a global, frictionless economy. By building infrastructure to enable the movement between physical and digital assets, Paxos is creating a future where all assets—from money to commodities to securities—are digitized and can move instantaneously, 24/7.
All opinions expressed in the above article are solely of the author’s and do not reflect the opinion of the Global Crypto Alliance Ltd., any of its affiliations or any other company. This article is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. The Global Crypto Alliance Ltd. strongly recommends that readers conduct their own research and due diligence into the company, product or service, if any, that may be mentioned in the above content.