Paxos says that it has issued over $50 million worth of its recently launched Ethereum-based, US dollar-backed stablecoin.
We *just* announced 2 hrs ago that @PaxosGlobal had issued $36M a month after launch. And now… we are over $50M already. Demand for $PAX is accelerating faster than I can tweet up with. https://t.co/DfOwjFlk4i
— Dorothy Jean Chang (@dj) October 16, 2018
That wasn’t the only Twitter update from the company…
Excited to share that just one month since launch, the Paxos Standard token (PAX) has achieved the fastest, widest institutional adoption of any digital asset. #PAX is now supported on over 20 top global exchanges and OTC desks. Read more about it here! https://t.co/Q5vNty912k
— Paxos Standard (PAX) (@PaxosStandard) October 15, 2018
The Paxos Standard (PAX) token snagged regulatory approval from the New York State Department of Financial Services (NYDFS) last month.
It gives financial markets the power to transact in a fully USD-collateralised asset with the benefits of blockchain technology and oversight from financial regulators, notes Charles Cascarilla, CEO and Co-founder of Paxos.
“We believe that it represents a significant advancement in digital assets, leveraging the oversight and stability of the traditional financial system and enabling a frictionless global economy.”
Trust and volatility
“In the current marketplace, the biggest hindrances to digital asset adoption are trust and volatility. As a regulated trust with a 1:1 dollar-collateralised stablecoin, we believe we are offering an asset that improves on the utility of money,” comments Cascarilla.
A whitepaper explaining product construction and design decisions can be downloaded at: www.paxos.com/standard.