It has been recently revealed that PAX stablecoin has managed to exceed $5 million in transaction volumes within the first quarter of its existence. The news has since been shared via news outlet, Cointelegraph, who has managed to gain access to the press release.
PAX stablecoin is an effort of Paxos, dubbed the first blockchain powered Trust with emphasis on building products that smooth settlement processes while reducing the risks tied. As for the coin itself, it is based off of the Ethereum network and is known for its 1 to 1 ratio in relation to the USD. Another facet that could have contributed to the coin’s success is that it abides by regulation – has since gotten the approval from the New York State Department of Financial Services (NYFDS) – and is in association with FDIC-insured US banks.
As for the fine details, today marks PAX’s $5,245,958 of transactions value along with a market cap of $174 million reports Cointelegraph. According to Paxos, their stablecoin sits in second place when it comes to the amount of trading volume attained within a day’s worth of time.
PAX isn’t the only one to have gained such a momentum, as other competitors like the Gemini dollar (GUSD), TrueUSD (TUSD) and USD Coin (USDC) have all witnessed such success since launch as well. This being said, Tether (USDT) still remains at the top of all stablecoins, but as competition gets tight that position can be given to anyone!