Paxos Standard (PAX) is sending shock-waves through the cryptocurrency scene weeks after its inception. The stablecoin now boasts of the fastest and widest institutional adoption over any other digital asset. More than 20 top global exchanges have already added support for the altcoin attesting to its growing prominence.
Paxos Standard (PAX) Support
Six of the top ten cryptocurrency exchanges, led by Binance, OKEx, and KuCoin, already support transactions involving the token. The likes of OKCoin and itBit have also shown interest in adding support for Paxos Standard soon. The exchanges currently accept deposits involving the coin with some planning to list various trading pairs.
Its popularity could inch a notch higher as a number of over the counter trading and market making firms continue to show strong interest. Some of the firms believed to be courting the coin include SFOX, XBTO, and Cumberland.
“We’re overwhelmed by the positive response from around the globe and are thrilled to see Paxos Standard quickly become the Stablecoin of choice by active crypto traders. We look forward to seeing even greater adoption of Paxos Standard as the industry sees the benefit of a regulated, dollar-denominated asset that can settle trades instantaneously,” said Paxos CEO & Co-Founder, Charles Cascarilla.
Paxos Standard Stablecoin
Paxos Standard growing popularity stems from the fact that it is denominated and collateralized by the US dollar. One can purchase and redeem the coin in U.S dollars at a 1:1 ratio. As a stablecoin, PAX continues to guarantee immediate transaction settlement in a trusted way.
The growing demand and interest from high profile institutions as well as exchanges attest to the growing need for stablecoins. However, the coin faces tight competition from the likes of Tether (USDT) and Gemini Dollar (GUSD) as a stablecoin.
Since inception, the foundation behind the stablecoin has issued over $36M USD worth of PAX for dollar deposits. A good number of high profile cryptocurrency wallets also offer storage services for the coin. The intense interest in the coin also has to do with the links the coin has with a reputable financial institution. The New York State Department of Financial Services also regulates the token.
Paxos’ main goal with the new token is to revolutionize finance by making it possible to mobilize assets at the speed of the Internet. The firm intends to digitize all assets in the finance sector so that people can move them instantaneously 24/7. Settlement risks should be a thing of the past as a result.
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