Paxos Standard Token PAX

$1.01
Market Cap $ 41.926 MM (#126)
24h Volume $ 14.486 MM
Chg. 24h: 0.08%
Algo. score 2.5/5  (#1777)
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Paxos Standard Token project purpose and description

Short description

Paxos Standard is regulated crypto asset. It is fully collateralized 1:1 by the U.S. dollar, approved and regulated by the NYDFS, and enables instantaneous transactions.

Abstract

The concept of money has evolved over thousands of years, and yet there is still room for improvement. The promise of digital assets—global fluidity, frictionless, democratized—has not been fully realized. Despite the proliferation of projects, billions of dollars of resources and years spent in development, even the leading digital asset, Bitcoin, is still plagued by significant issues that limit its utility. In this paper, we introduce Paxos Standard™ token, a new digital asset that is fully collateralized one-for-one by USD, issued by the Paxos Trust Company and approved and regulated by the New York State Department of Financial Services. We explain the advantages that Paxos Standard brings to financial markets, allowing participants to transact in a trusted and secure, USD-backed and denominated asset with the benefits of blockchain technology and the oversight of financial regulators

Link to Roadmap: n/a
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