USD-Pegged stablecoin, Paxos Standard (PAX), has recently made it known that it will be issuing up to 100 million of its PAX tokens, on the Ontology blockchain.
PAX to Become an Ontology OEP-4 token
The stablecoin which was originally only available on the Ethereum blockchain (as an ERC-20 token), is expected to get launched on the Ontology blockchain next month. The coin will be based on Ontology’s OEP-4 token standard.
PAX which was launched late last year is a product of a New York-based blockchain startup Paxos Trust Company (“Paxos”). The startup is regulated and approved by the New York State Department of Financial Services (NYDFS).
According to Ontology’s introductory white paper, the blockchain is “a blockchain/distributed ledger network which combines a distributed identity system, distributed data exchange, distributed data collaboration, distributed procedure protocols, distributed communities, distributed attestation, and various industry-specific modules.” This combination “builds the infrastructure for a peer-to-peer trust network which is cross-chain, cross-system, cross-industry, cross-application, and cross-device.”
Below are some important facts about the PAX stablecoin
“No conversion fees, no PAX transaction fees, no redemption fees”
“No minimums or limits for purchases or redemptions”
“The entire supply of PAX is collateralized by USD in dedicated omnibus cash accounts at FDIC-insured U.S. banks, and audited each month by Withum, a nationally ranked auditing firm.”
Listed on over 80 “exchanges, OTC desks, and wallets”
Although launching on a new platform, the Ontology version of PAX will “continue to use PAX as its ticker.”
Andy Ji, Co-Founder of Ontology, also said:
“The launch of PAX on the Ontology blockchain will greatly accelerate real business applications on Ontology, create more success stories of traditional businesses shifting to distributed businesses, and provide enterprise partners and institutional investors with a regulated, reliable, and safe gateway to the world of digital assets”.
This news is coming right after Tether (USDT) the leading stablecoin was accused by the New York AG of fraudulent activity.
Unlike Tether, the PAX has shown and proven that they open to public auditing and all “its deposits in U.S. dollars are kept in independent accounts at Federal Deposit Insurance Corp.-insured banks in the U.S.”