Binance Plans To Add Paxos Standard Token (PAX) Base Pairs Into New USDⓈ Trading Market
Binance Plans To Add PAX Base Pairs
Binance announced a short while ago that they would add these pairs at 1:00 PM UTC on November 29, 2018, with PAX as the base into the stablecoin market:
XRP/PAX, BTC/PAX, BNB/PAX, ETH/PAX, XLM/PAX, and EOS/PAX
However, once the new pairs are added, all the existing pairs of PAX/ETH, PAX/BTC, and PAX/BNB will be removed. This will happen at 1:00 PM UTC on November 30, 2018. All the existing orders in the book will effectively be canceled at the time.
The Paxos Standard is the first regulated crypto asset globally. It is a token that is fully collateralized by US dollars in a 1:1 ratio. The Paxos Trust Company issues the tokens and The New York State Department of Financial Services regulates this company.
PAX tokens run on the Ethereum blockchain. The tokens have all the benefits of crypto such as decentralization and immutability while being fully collateralized by fiat. This means that it is a reliable and liquid digital coin alternative to cash at all times for instantaneous transactions. Those who wish to redeem their tokens for USD can do in an instance.
Since Paxos is a trust company, it is a fiduciary and legally qualified custodian of all funds from customers. It can offer better protection for customers’ assets than all other stablecoins in use now.
All the dollar deposits for the purchase of PAX are held in various accounts at US banks all insured by the FDIC. The verified customers for Paxos can buy and redeem tokens via Paxos.com on a ratio of 1:1 to the USD.
The Paxos Standard token is an ERC20 standard token, which allows anyone with an Ethereum token to store their PAX tokens safely. ChainSecurity, Nomic Labs, and Withum audited the smart contract for the project.
The New Stablecoin Market On Binance
In a recent announcement Binance, a major crypto exchange announced that it was renaming the USDT market to a new combined Stablecoin Market. According to Binance, the move will support more trading pairs with various stable coins as the base.
The Binance team said they would make further updates on the Stablecoin market. The most obvious reason why Binance may have opted to do this is that they wish to reduce reliance on the USD as their Stablecoin. The other reason may be that Binance has simply bowed to pressure after numerous requests by users for more trading options.