One of the biggest crypto exchanges in the world, Binance, announced listing of Paxos Standard Token (PAX) – a stablecoin pegged to the US dollar.
The PAX tokens are regulated with token-to-dollar ratio making them less volatile and more preferable to traders. Stablecoins are used to withdraw digital assets faster and more convenient than if the clients need to convert them into dollars.
The PAX will be a base currency which trades against the following coins:
- Binance Coin (BNB);
- Bitcoin (BTC);
- Ethereum (ETH);
- Ripple (XRP);
- Stellar Lumens (XLM).
Interestingly, the operator of the PAX token, Paxos Standard, was the first to secure a regulatory approval from the New York State Department of Financial Services.
Binance claimed in the statement:
“Now, you can see the prices of BTC, ETH, and other cryptocurrencies in PAX, so you’re essentially seeing their value in terms of USD. That’s because PAX is the most stable dollar-backed stablecoin there is. Additionally, verified customers can always redeem PAX 1:1 for US dollars directly from Paxos, same day, with zero fees.”
Binance added others non-volatile coins, like USDC backed by Circle project. We remind you that crypto trading platform even launched an integrated market for trading stablecoins:
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