About Paxos Standard
The price Paxos Standard today is 1.00 USD, and the trading volume in 24 hours - 102,598,723 USD. The crypto asset has grown by 0.03% over the day. Currently, the coin’s market capitalization is 926,254,636 USD, and has 926,059,238 coins in circulation with the max supply of 1,000,000,000 coins PAX.
What is Paxos Standard (PAX)?
Paxos (PAX) is an ERC - 20 token issued on the Ethereum blockchain.As a regulated stablecoin backed by the US dollar, it combines the advantages of blockchain technology and the stability of fiat currencies.This leads to a stable cryptocurrency that offers:
- Instant transactions around the world;
- Decentralized accounting;
- 24/7 transactions.
In addition, each PAX token is fully backed by an equivalent amount of US dollars, which means that it can also be exchanged for US dollars at any time.However, in accordance with the laws of the United States Paxos Standard is not a security.
Who is the creator of Paxos?
PAX Standard was created in light of the infamous Tether scandal, when the market's leading stablecoin came under scrutiny for issuing an unconfirmed Tether token during the cryptocurrency market's bull run in early 2018.The Paxos team noticed the opportunity and made an extra effort to be as transparent as possible.
The Paxos team consists of experienced professionals from various backgrounds, including former Wall Street and Silicon Valley employees.The company is led by its co-founder and CEO, Charles Cascarilla.
The developers of the project see a future in which the blockchain will not become part of a major financial revolution, but will become an important element of its evolution.Overall, the company wants to improve the economic ecosystem by creating a global, seamless network for easy, mobile, and instant asset exchange.
What is unique about Paxos?
Paxos Standard is designed with growing use cases in mind.Today, its main use case is to limit the volatility of crypto assets, eliminate friction in cross-border transactions, and become a reliable means of payment for crypto assets and other blockchain assets.
It is expected that in the future, Paxos will be used for consumer payments and a stable means of saving for people outside the United States, especially in countries with unstable national currencies.
How many PAX coins are in circulation?
As of January 2021, there are 244 million PAX coins in circulation, with no maximum supply.
How is the Paxos Standard network protected?
Paxos hires additional transaction monitoring and surveillance partners for an additional layer of compliance.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.