Paxos Standard

Paxos Standard PAX

$1.00
Market Cap $ 245.150 MM (#68)
24h Volume $ 253.453 MM
Chg. 24h: -0.09%
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Paxos Standard project purpose and description

Paxos Standard clarity of purpose

Paxos Standard purpose and aspects

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.

Paxos Standard categories

Short description

Paxos is on a mission to modernize finance by mobilizing assets at the speed of the internet. Paxos is building a future where all assets– from money to gold to securities–will be digitized and move instantaneously, 24/7. Settlement risk will cease to exist, so trillions of dollars of trapped capital can go to work in a global, frictionless economy.

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. We believe that Paxos Standard represents a significant advancement in digital assets, leveraging the infrastructure, oversight and stability of the traditional financial system, while operating at the speed of the Internet.

Link to Roadmap: n/a
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