ETH Paired With PAX Stablecoin Appears On Binance Exchange
A trading pair of stablecoin Paxos Standard with ether is already available for purchase on a leading crypto exchange Binance. Sales of the new position opened on Sunday, October 7, 2018, at 11:00 (UTC).
Stablecoin Paxos Standard (PAX) has received approval from New York authorities and support from the Department of Financial Services (NYDFS), and it was launched in September 2018.
The developers guarantee that users' funds will be protected in accordance with the US laws, since the company Paxos Trust, which issues stablecoins, operates under the regulation of the US Securities and Exchange Commission.
According to CoinMarketCap, the daily trading volume of the tokenized PAX dollar is $13.3 million. The American platform itBit was the first to support this stablecoin. The Binance crypto exchange listed the token at the end of September.
In this regard, the head of the platform, Changpeng Zhao, stated that users who complained about stablecoin Tether and its negative audit results can consider Paxos Standard as an alternative. Later, Binance added support of the pair of stablecoins PAX and USDT.
Binance is ranked first by the daily trading volume with its $765 million, according to CoinMarketCap. The PAX/ETH pair became the 80th position which the popular exchange added to the listing. The most traded pairs on Binance are the internal Binance Coin (BNB) with bitcoin (44.34% of all transactions), and BNB paired with the Tether stablecoin (40.82%).
Previously, Bithumb started trading Enjin (ENJ) and Primas (PST) tokens.