Ontology To Power Paxos, One of the Most Popular Crypto Stablecoin

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The Ontology (ONT) project will have the US Dollar backed PAX stablecoin launch on its blockchain, the project announced in a press release on April 27. The token (PAX) will support atomic swaps Ontology’s main blockchain and other blockchains. With the same ticker, the PAX token will be available both as an ERC-20 token and as an OEP-4 token.

The release also refers to Tether, which is under investigation, and which many in the community doubt can back the entire Tether supply with fiat funds. The release reads,

“It is the first regulated USD stablecoin that ensures open auditing, asset safety, and is supported by a large number of exchanges, making it a stable “digital dollar” in every sense of the term, unlike Tether, which cannot guarantee its token is always worth $1.”

Ontology released its platform on the mainnet of June 2018, and has been taking several steps to expand its ecosystem since. Ontology has also been added to the cloud services of Microsoft, Amazon, and Google.

Rich Teo, Co-founder and Head of Asia for Paxos Trust, said,

We are pleased to announce that the Ontology Foundation has chosen PAX as the stablecoin to launch on their chain, and we believe we can offer more business application scenarios for Ontology. This news shows how PAX can continue to meet the ever-changing needs of digital asset communities and Paxos’ dedication to advancing innovation in virtual currencies.

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