We’re excited to share that Binance, the world’s largest crypto exchange, has today listed the Paxos Standard token (PAX) against tether (USDT). We think the pairing is a great option for people who want to convert their tether to an alternative that is regulated, audited and always redeemable 1:1 for the U.S. dollar.
First launched on September 10, Paxos Standard has quickly gained adoption around the world. By September 29, Binance listed PAX against BNB, and has quickly followed with additional pairings against BTC and today, USDT, based on customer demand. Since launch, over $15M Paxos Standard tokens have been issued, showing high interest for the first regulated stablecoin.
Crypto traders use dollar-pegged stablecoins as a proxy for the dollar that can easily be traded with other digital assets. Because blockchain transactions can settle nearly instantaneously, it is more convenient than trading into fiat, which has greater friction and fees. We believe Paxos Standard offers all the conveniences of other dollar-based stablecoins, but with greater customer protections and conveniences. Paxos always issues and redeems PAX tokens one-to-one against U.S. dollars held in FDIC-insured U.S. banks. With 月度审计报告 by an auditing firm and regulation by the New York State Department of Financial Services, Paxos Standard offers a stablecoin that users can trust.