Cryptocurrency exchange, BitPay, has completed the integration of Paxos Standard Token as a settlement option. Consumers will now be able to settle transactions using one of the fastest growing stablecoins backed by the US dollar.
BitPay-Paxos Standard Token Integration
BitPay already allows merchants to use other cryptocurrencies such a Bitcoin (BTC) to settle transactions. Similarly, the addition of the stablecoin is part of the exchange’s plan of giving people a variety of options when it comes to low-cost transaction settlements.
Paxos’ Vice President of marketing, Dorothy Chang, expects cryptocurrency traders to be the first users of the stablecoin on the platform. Just like merchants, the traders will be able to conduct transactions using a cryptocurrency with high trust levels compared to the US dollar.
Compared to other stablecoins, Paxos Standard Token boasts the highest trading volume in the market. The coin boasts of an average trading volume of $70M USD. One can buy and redeem the cryptocurrency on a 1:1 ratio with USD, attesting to its stability. Likewise, people can also trade the coin against other currencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), among others.
Paxos Standard Token is different from other stablecoins on the fact that a trust company regulates it. The stablecoin also possesses all the functionality as well as regulation that a reliable currency must command. The New York State Department Financial Services has already approved the stablecoin for issuance.
BitPay adding support for the cryptocurrency is a significant milestone as it underscores its growing reputation in the sector.
“We are thrilled to partner with BitPay to enhance the cryptocurrency ecosystem. Paxos Standard gives financial markets the power to transact in a fully USD-backed asset with the benefits of blockchain technology and oversight from financial regulators,” said Charles Cascarilla, CEO and Co-Founder of Paxos.
BitPay remains focused on transforming the financial landscape through blockchain technology. Similarly, it intends to achieve all this by allowing customers to enjoy fast and low-cost settlements using Paxos Standard Token.
Paxos Standard Token Price Analysis
Cryptocurrencies are under immense pressure in the market; a good chunk of them have dropped by double digits in recent weeks. Amidst the sell-off in the broader industry, the US-pegged stablecoin continues to show resilience in the market. Paxos Standard Token has found support above the $1 USD mark after initially plummeting below the psychological level. Likewise, recent price activity indicates that the stablecoin could make a run for this year’s high of $1.06 USD.
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