Ontology (ONT) Enterprise Blockchain Ready To Release Paxos (PAX) Stablecoin On Its Network
Ontology (ONT) is expecting to be launching a version of the stablecoin Paxos Standard (PAX) on its blockchain. The information was released by the blockchain network and project in a recently published press release.
Paxos Standard To Be Running On Top Of Ontology
Ontology announced that it will be launching Paxos Standard on its network. In this way, Ontology will be working to explore application scenarios on different industries such as Decentralized Finance and other exchanges. The launching date is expected for May this year.
Ontology uses a token standard known as OEP-4. The token PAX will continue with its ticker and it will enable atomic swaps between Ontology’s main blockchain and the blockchain network. PAX was launched back in 2018 when the cryptocurrency market experienced issues with Tether (USDT) and the funds used to back the peg of the digital asset.
Surprisingly, Paxos Standard received the approval of the New York State Department of Financial Services (NYDFS), becoming the first USD stablecoin regulated in the market. This ensures open auditing, asset safety and more. There are other virtual currencies in the space that are not able to sustain their peg, including Tether.
PAX has monthly audits by top US firms that ensure that the USD in the accounts the company has is consistent with the coins in circulation. Rich Teo, the co-founder and Head of Asia forPaxos Trust, commented:
“We are pleased to announce that the Ontology Foundation has chosen PAX as the stablecoin to launch on their chain, and we believe we can offer more business application scenarios for Ontology. This news show how PAX can continue to meet the ever-changing needs of digital asset communities and Paxos’ dedication to advancing innovation in virtual currencies.”
Ontology’s mainnet was launched back in June 2018 and it has experienced impressive progress since that moment. They were able to scale up and realizing business applications. Additionally, Ontology boasts product iteration, community growth and offers customized and intuitive development platforms for blockchain developers.
The co-founder of Ontology, Andy Ji, explained that the launch of PAX on the Ontology network will help accelerate real business applications on Ontology. He went on saying that there will be several projects moving into this network and shifting to distributed businesses.
At the time of writing this article, Ontology has a market capitalization of $545 million and each ONT can be purchased for $1.1. ONT is the 20th largest cryptocurrency in the market.