Paxos Standard (PAX) Stablecoin Has Pumped About $50 Million Worth Of Crypto Since Its Launch
Paxos Standard (PAX) is an Ethereum based (ERC-20) token that is backed one-to-one by USD deposits and available through Paxos. It gives users the ability to exchange value between them on the Paxos Exchange, itBit, which allows to cash out of their holdings directly and instantaneously to PAX.
They recently announced that they have issued a total of $50 million worth of the U.S. dollar-pegged cryptocurrency since its official launch last month. The Vice president of marketing and communications for Paxos, Dorothy Jean Chang, announced on Monday that in the month since the company rolled out PAX on Sept. 10, it had issued $36 million worth of the stablecoin in exchange for U.S. dollar deposits.
We *just* announced 2 hrs ago that @PaxosGlobal had issued $36M a month after launch. And now… we are over $50M already. Demand for $PAX is accelerating faster than I can tweet up with. https://t.co/DfOwjFlk4i
— Dorothy Jean Chang (@dj) October 16, 2018
Paxos's main point of difference is that it's one of the first US stablecoins to be approved by regulators, specifically by the New York Department of Financial Services. And as is usual for just about every single backed stablecoin other than Tether, its holdings are regularly audited by registered accountants. It also received a heavy dose of private investment before its launch.
Last month that Paxos launched PAX as one of the first stablecoins that were approved and backed by regulators, namely, the New York Department of Financial Services, in Paxos' case.
In addition, Withum, an independent auditing firm that inspects Paxos' U.S dollar reserve on a monthly basis, released an audit report on Sept. 28, which indicated that the firm held about $14 million, backing the roughly 14 million PAX it had issued.
Additionally, Paxos said in an announcement on Monday that the growth so far has been driven by adoption by several larger cryptocurrency exchanges such as Binance and OKEx, which announced their moves to list PAX for trading on their platforms.