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Paxos is renaming its stablecoin in line with the growing popularity and fast-growing demand for USD-backed tokens.
The Paxos Standard (PAX) is the first regulated crypto asset fully backed 1: 1 by USD. The stablecoin PAX is a liquid digital alternative to fiat money, available 24/7 for instant settlement of transactions around the world.
Representatives of the Paxos blockchain infrastructure platform announced that the PAX stablecoin will be renamed Pax Dollar (USDP) in the near future. This step was justified by the fact that the new name of the stablecoin will be easier to identify as an asset backed by the US dollar and guaranteed by funds stored in the company's bank accounts.
Paxos' head of strategy, Walter Hessert, stated that: “With the rapid growth in the use of stablecoins in everyday life, the demand for regulated USD tokens has grown significantly. Paxos' aspiration is to make the USDP value equal to $ 1, for this the company has reserved 100% of the asset for safekeeping, in cash and their equivalents, means. "
Paxos' main competitors, such as Circle that developed the USDC, are also busy. Circle also plans to fully convert its reserves into cash and short-term US government bonds to back USDC 100% in US dollars.
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