Paxos Standard (PAX), the U.S. dollar-backed stablecoin issued by blockchain trust company Paxos, has exceeded $5 billion worth of transaction volume.
U.S. dollar-backed stablecoin Paxos Standard (PAX) has exceeded $5 billion worth of transaction volumes, according to a press release shared with Cointelegraph Dec. 13.
As reported, PAX is an Ethereum (ETH) blockchain-based stablecoin, backed 1:1 by the U.S. dollar, which sealed regulatory approval from the New York State Department of Financial Services (NYDFS) in September.
According to Paxos — the blockchain trust company that issues PAX — the coin has as of today has been used in $5,245,958,124.65 worth of transaction volumes, with a market cap of over $174 million (as of press time, slightly down to $159.5), of which the trust company has redeemed “over $136 million.”
Paxos, which holds its investors’ dollar deposits in FDIC-insured U.S.-domiciled banks, has also included monthly attestation reports for the months since the token’s launch — September, October, November 2018 — as part of its press release.
With Paxos claiming PAX is the “second most widely traded stablecoin with three times the 24-hour trading volume of its next closest competitor,” the token is indeed vying with several other newly-issued fiat-backed stablecoins.
The very same day that PAX was launched, the WInklevoss twins unveiled their own own New York regulator-approved, dollar-backed, ECR-20 compatible stablecoin, the Gemini dollar (GUSD). In October, currently top crypto exchange by market cap OKEx announced it would be listing four stablecoins at once – PAX, GUSD, TrueUSD (TUSD) and USD Coin (USDC).
Paxos’ news confirms a Diar report from Dec. 10, which indicated that the adoption of stablecoins is burgeoning: the same four major stablecoins have in fact all broken the $5 billion mark in on-chain transactions within the three-month period, with November seeing a hefty 1,032 percent surge in on-chain transactions compared to September.
Stalwart, if controversial, stablecoin Tether (USDT), remains the stablecoin with the highest market cap ($1.8 billion) as of press time, currently ranked fifth largest cryptocurrency on CoinMarketCap.
Just yesterday, a report citing “multiple people with direct knowledge of the situation,” indicated that major U.S.-based stablecoin project Basis — which has the backing of names such as Bain Capital Ventures and Andreessen Horowitz — would be shutting down operations and returning most of its funds to investors.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.