Paxos Standard (PAX) is a stablecoin that was launched in 2018 by Paxos. The token is listed on over 90 exchanges, Over-the-Counter (OTC) desks and wallets, making it one of the most widely available stablecoins in the market.
With the goal of enabling a “frictionless global economy”, the Paxos Standard is one of many products launched by Paxos with the intention of expediting the arrival of decentralized economies.
The Paxos Standard is an ERC-20 token, which gives it the advantages that come with a protocol that allows for smart contract capabilities, including an increased number of use cases and wallet support from any wallet that supports the ERC-20 standard.
Paxos releases monthly attestation reports to prove that it does have the funds to back each PAX token. The team says that all customer funds are held in segregated accounts at FDIC-insured, US-domiciled banks. Paxos is approved and regulated by the New York State Department of Financial Services (NYSDFS).
Paxos has spent the early months of 2019 implementing new features and bringing the stablecoin to more payments systems, lending platforms, exchanges and wallets. New features include immediate redemption of tokens and auto-transfer of funds.