Deploying Dollars on the Blockchain
Watch Paxos Engineering leaders Ilan Gitter and Brent Perreault go in-depth on what it takes to build a stablecoin and deploy it on the blockchain!
Watch Paxos Engineering leaders Ilan Gitter and Brent Perreault go in-depth on what it takes to build a stablecoin and deploy it on the blockchain!
On December 14 2021, Paxos hosted a master class on stablecoins to share the key information businesses need to know about stablecoins and how they’ll impact the future of finance.
Paxos Standard (PAX) will now be known as Pax Dollar (USDP). The USDP ticker more easily identifies Pax Dollar as a US dollar-backed token. As use cases for stablecoins rapidly expand, the demand for a regulated USD token has grown significantly. Companies and consumers globally are entering crypto markets and need a safe, dollar-based solution. As USDP, everyone will be able to instantly recognize our token as a dollar-backed stablecoin.
At Paxos, we believe the only way to establish and maintain safety and transparency for customers is through rigorous oversight from a prudential regulator. This thesis has unfortunately borne out in the reserve mix for both USDC and USDT (Tether). Both of these tokens’ reserves are backed by a significant amount of non-cash financial instruments. A prudential regulator is crucial to ensuring the integrity of products used in the crypto ecosystem, and neither USDC nor USDT has such a regulator.
Over the last year, we’ve dedicated a lot of resources to building a unified custody platform for all of our customers. We’re pleased to announce our biggest improvement yet -…