Paxos has unveiled Paxos Standard™ (PAX), the world’s first regulated stablecoin backed 1:1 by the U.S. dollar. Issued by the Paxos Trust Company and approved by the New York State Department of Financial Services (NYDFS), PAX combines the stability of fiat currency with the efficiency of blockchain technology.
Key Features of Paxos Standard (PAX)
- Full USD Backing: Each PAX token is redeemable for $1, with reserves held in FDIC-insured U.S. banks.
- Regulated Compliance: Operates under NYDFS oversight, ensuring transparency and asset protection.
- Ethereum-Based: Built on the ERC-20 protocol for seamless integration with Ethereum wallets and decentralized applications (dApps).
- Instant Settlement: Enables global, 24/7 transactions with blockchain speed and immutability.
👉 Discover how PAX enhances digital payments
Why Paxos Standard Stands Out
Unlike other stablecoins, PAX offers:
- Institutional-Grade Custody: Paxos acts as a qualified custodian, safeguarding customer funds.
- Regular Audits: Verified by top U.S. auditors and smart contract experts like Nomic Labs.
- Regulatory Trust: Addresses volatility and trust barriers in the crypto market.
"Paxos Standard merges the reliability of traditional finance with blockchain innovation," says CEO Charles Cascarilla.
How to Use PAX
- Purchase/Redeem: Verified users can exchange PAX for USD 1:1 via Paxos.com.
- Trading: Available on itBit and OTC desks under the ticker PAX™.
- Wallet Compatibility: Hold PAX in any ERC-20-compatible Ethereum wallet.
👉 Explore PAX trading opportunities
FAQs About Paxos Standard (PAX)
Is PAX really 1:1 USD-backed?
Yes. Every PAX in circulation corresponds to $1 held in reserve, audited monthly.
How is PAX different from USDT or USDC?
PAX is regulated by NYDFS, offers institutional custody, and undergoes stricter audits.
Can businesses integrate PAX?
Yes. Paxos provides APIs for enterprises. Contact [email protected] for partnerships.
The Future of PAX
Paxos aims to bridge traditional finance and decentralized ecosystems, offering a low-volatility, transparent digital asset. For technical details, refer to their whitepaper.
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