Binance CEO Calls For Using PAX Token As Alternative To USDT
Changpeng Zhao, CEO of the crypto trading platform Binance, holds the opinion that users of the exchange platform can consider Paxos Standard (PAX) as an alternative to Tether (USDT), according to his post in Twitter.
For people who complained about lack of audit on USDT, here is another alternative. As always, make sure you understand what it is before you buy. https://t.co/SoHPtvwWU9— CZ Binance (@cz_binance) September 27, 2018
Binance added Paxos Standard to its listing on Thursday, September 28. PAX’s pair trading with BNB will be available at 10:00 (UTC) on September 29.
Considering the listing update, the head of the leading crypto exchange stated that users who complained about Tether and its negative audit results now can consider Paxos Standard as an alternative, but before buying it on the exchange, everyone should familiarize themselves with the information on the token.
PAX was created by Paxos Trust Company and it operates under the supervision of the US Securities and Exchange Commission. Paxos Standard was approved by the state authorities of New York, and the token is supported by the American dollar at the ratio 1:1. Paxos Standard is based on the Ethereum blockchain in accordance with the protocol ERC-20.
The token gained its popularity in the midst of the collapse of users' confidence in USDT. Even the audit, purposefully organized by the Tether team, couldn’t alleviate the situation. Within a short period of time, Paxos Standard was listed on HitBTC and BCEX crypto exchanges.
The disadvantage of the new stablecoin is that Paxos Trust Company fully controls its token and can block it in users' accounts without any settlements ruled by a court.
According to CoinMarketCap at 08:39 (UTC), September 29, Paxos Standard is ranked 1600th with a trading volume of $17.3 million for the last 24 hours.