Paxos USD is an ERC-20 token live on the ETH Mainnet. It's been hanging out at the 101. spot for a while. Check out how it's moved since then.

It is an obvious stablecoin pegged to the value of the USD, and throughout its 2 year life, the price has remained stable in the $1.00 (+/- 0.01) range. This is the stablecoin of the Paxos organization, backed, they say, 100% by cash or cash equivalents.

This is the seventh-largest stablecoin by market cap. It’s also the first regulated stablecoin. You might guess that Paxos is a centralized, custodial brokerage and settlement service.

The big draw is that it is the first regulated blockchain infrastructure platform that was the first allowed by the SEC to try out blockchain solutions on the old, stodgy stock market. Is it fair to say we need this sort of bridge between the suits of traditional finance and the beautiful barbarians of crypto?

That’s the deal, isn’t it? You can’t expect unicorns and moonrockets from every project, especially when there is an obvious need for a well-constructed stable coin to show the tradFi world that blockchain solutions don’t have to be face-melting agents of chaos.  

Looking for community engagement? Nope. Looks like this is a top-down, PR firmed, and traditional social media content blahblah. There’s no buzz in Discord. They have a Telegram channel (7000 followers), professionally admin’d, but mostly for support and news. How do you get excited for a stablecoin? They have put out an impressive amount of educational content. I listened to the whole Paxos Masterclass on incorporating crypto into existing businesses, which is really informative and very well done.