Paxos Standard Token (PAX) Review, Price, Market Cap and more | Coinopsy

Paxos Standard Token (PAX) logo

Paxos Standard Token (PAX) - USD Backed

Paxos presents itself as a stablecoin where the price of their token called PAX will always be equal to 1 dollar. Also regulated by New York State banking regulation..
Paxos Standard Token's current price is $1.004 USD. In the past 24 hours, Paxos Standard Token's price has increased by +0.3 percents..
Name (Ticker)
Paxos Standard Token (PAX)
Price (USD)
$1.00402682157
Rank
10
Active Supply
256.9 million
Total Supply
256.9 million
Volume(24H)
308.3 million
Market cap
257.9 million
Fun Name
USD Backed
Meta Tags
Website Links

Paxos Standard Token (PAX) Chart

Pros of Paxos Standard Token (PAX)

  • Backing (asset, profits, commodity)
  • Lots of Exchanges

Cons of Paxos Standard Token (PAX)

  • Pegged to USD with inflation
  • Similar to other stable coins.

Paxos Standard Token (PAX) Review | Coinopsy

PAX Token

The PAX token can be compared to other stablecoins as Tether, TrueUSD, and Gemini dollars. The PAX token is probably most similar to Gemini dollars, as both are regulated by New York State banking regulation. 

Main Goal

The main goal of the Paxos Standard Token is the elimination of settlement risks, which enables banks and companies to settle both the assets and the payments at the same time using its blockchain-based stablecoin as an intermediary, competing with and ultimately replacing established clearing houses.

Stablecoin

Paxos presents itself as a stablecoin where the price of their token called PAX will always be equal to 1 dollar. The team wants to make the Paxos platform into an advanced modern cutting-edge settlement platform. Having a regulated trust structure, Paxos is legally able to transfer assets and monies. Paxos was initially founded in 2012 as a bitcoin exchange called itBit, though the company later rebranded to Paxos and pivoted into a business focused on providing services using blockchain.

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Paxos Standard Token (PAX) Simplifying settlement

Interbank Settlements

The goal of the Paxos standard token is to “simplify settlement”. Paxos wants to become the standard for interbank settlements but has had its ups and downs in the process. Paxos was able to set up a gold settlement venture with Euroclear, one of the bigger players in settlement services, but this partnership was dissolved in July 2017.

Investors

In May 2018, Paxos raised $65 million from investors including venture capital firms RRE Ventures and Liberty City Ventures. Paxos is planning on using the cash injection to expand their operations providing blockchain-based services to financial institutions, specifically streamlining the post-trade settlement process.

Paxos Standard Token (PAX) PAX token

How stable is it?

In theory, 1 PAX will always be equal to 1 USD. The PAX token uses the ERC-20 token standard and is hosted on the Ethereum blockchain. In this way, the Paxos Standard provides users the convenience of keeping their liquidity in digital assets while still maintaining stability. As a trust company established under New York State banking law and controlled by the New York State Department of Financial Services, Paxos operates under governing principles and is fully compliant with the law. 

The Company

A trust company is different from a bank, as it serves as a fiduciary that custodies users deposits and hence will always hold customer funds wholly segregated. All dollar deposits are kept in FDIC-insured U.S. banks or are collateralized by U.S. government treasuries.

Paxos Standard Token (PAX) The Paxos Platform

End Goal

The end goal of the Paxos project is to limit settlement risks. The company wants to use blockchain technology to deliver modern day settlement solutions to the global capital markets, quickly, safely, and without hazard. Equal to the Gemini stablecoin, Paxos operates as a token on the Ethereum blockchain. 

Gemini and Paxos

The two stablecoin projects, Gemini and Paxos, received the permission from a New York state regulator to launch their own stablecoins pegged 1:1 to the U.S. dollar. The Paxos Standard Token, also known as PAX, is a token that is supported one-to-one by USD deposits and accessible through the Paxos platform.

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