It’s been a big week for Paxos and our PaxosStandard (PAX) stablecoin! Over the past week, the market cap of PAX has increased nearly 50%. Our all-time transaction volume crossed the $18 billion mark last Sunday, and transaction volume for the past week alone surged past $1 billion, an 81% increase over the week before.
This surge in market cap and transaction volume is an indicator of the growing market demand from both retail and institutional clients for a regulated stablecoin.
And that demand has also extended to our partners. The Paxos ecosystem continues to grow in a meaningful way. In addition to the 90+ exchanges, wallets, payments providers and other platforms that have PAX integrated, Ontology (one of the fastest-growing blockchains) announced that PAX was chosen as the exclusive stablecoin to launch on their platform.
Ontology’s co-founder, Andy Ji, said: “The launch of PAX on the Ontology blockchain will 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.”
PAX is the first stablecoin issued by a regulated trust company. We are committed to continuing to expand PAX’s burgeoning partner ecosystem and helping to build a more trustworthy infrastructure for public blockchains. We’re excited about this momentum and can’t wait for all there is to come.
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