New Regulated PAX Stablecoin To Be Traded On itBit Crypto Exchange
The Paxos project team announced on the official website the release of a new stablecoin Paxos Standard (PAX) supported by the US dollar.
The representatives of the company claimed that the Paxos Standard was approved by the New York administration, and is regulated by the Financial Services Authority (NYDFS). Developers guarantee the protection of users’ money which is corresponding to the existing laws, as the Paxos Trust, a company issuing the stablecoin, operates under the Securities and Exchange Commission's (SEC) supervision.
Paxos Standard (PAX) will be available for transactions on the itBit exchange. Also verified customers will have the opportunity to buy and sell stablecoins on the startup website. Tokens converted to dollars will be instantly liquidated.
Paxos Standard was developed on the Ethereum blockchain base in accordance with the ERC-20 protocol. E-wallets users will get an opportunity to send and receive PAX coins. The smart contract was audited by the Nomic Labs. In the future, accounts with funds will be examined by the US top auditors.
According to Charles Cascarilla, CEO and co-founder of Paxos, PAX will provide financial markets with the opportunity to conduct operations with the stablecoin and use advantages of blockchain technology under the control of regulators. PAX is also designed to overcome problems with volatility and lack of investors' trust, since its value is supported by the US dollar.
As previously reported, the Havven startup team from Australia intends to integrate its own nUSD stablecoin into the EOS network. At the moment, the coin functions in the Etherium network.