Kyber Network Adds Support For Paxos Standard (PAX) Stablecoin
On April 30, the Paxos Standard (PAX) was made available on the Kyber Network. The Prycto Reserve will provide liquidity for trading the stablecoin. The asset’s addition to the Kyber Network means that it is now accessible on KyberSwap and all other platforms that are built on the network’s on-chain liquidity protocol. It has also increased the number of ERC20 tokens on the Kyber Network to 70.
What Is The Paxos Standard (PAX)?
Essentially, PAX is a digital dollar. This is because it is a cryptocurrency whose value is pegged on the prevailing price of the US dollar. Its digital form makes it easier to move across borders than its fiat alternative. PAX is a regulated and audited asset that is issued by the Paxos Trust Company. It also has features that protect its holders form avoidable losses.
The main application area for PAX is mitigating the volatility that typifies the majority of digital assets. It is also useful in easing and reducing the cost of cross-border transactions, especially payments. In the future, PAX could be used as a means of purchasing retail products and services. As well as a store of value for countries that have unstable fiat currencies.