Paxos, a blockchain-oriented company regulated by the New York State Department of Financial Services (DFS), announced on Monday that its recently launched Paxos Standard token, with the ticker PAX, had been listed on more than 20 cryptocurrency exchange and OTC desks in less than a month. Paxos claims that PAX, which is backed by the US dollar, has managed to secure the fastest and widest adoption of a cryptocurrency at the institutional level.
Recently, we reported that crypto exchange operator OKEx was the latest to add PAX. The Hong Kong-based exchange also listed other stablecoins, including Gemini Dollar (GUSD), Circle’s USD Coin (USDC), and TrueUSD (TUSD).
As of today, Paxos’ stablecoin is listed on six of the top cryptocurrency exchange platforms, including OKEx, Binance, Gate.io, KuCoin, ZB, and DigiFinex. Several other exchanges pledged to add the coin soon, including OKCoin and itBit. The operators will add trading pairs of PAX against Bitcoin, Ethereum, USDT, and other cryptocurrencies.
Paxos co-founder and CEO Charles Cascarilla commented:
“We're overwhelmed by the positive response from around the globe and are thrilled to see Paxos Standard quickly become the stablecoin of choice by active crypto traders. We look forward to seeing even greater adoption of Paxos Standard as the industry sees the benefit of a regulated, dollar-denominated asset that can settle trades instantaneously.”
Besides established crypto exchanges, Paxos has secured the support of several over-the-counter (OTC) trading desk providers, such as SFOX, XBTO, Galaxy Digital, Cumberland, Alameda Research, Hudson River Trading, FBG Capital, Two Rivers, OSL, DV Chain and QCP Capital. Most of these trading services are aimed at institutional and accredited investors.
SFOX CEO Akbar Thobhani stated:
“Paxos Standard is a stablecoin done the right way. It has quickly become our stablecoin of choice because it offers immediate transaction settlement in a trusted way.”
Since its launch in September, Paxos has used more than 36 million PAX tokens in exchange for US dollar deposits. The token can be stored on most large digital wallets.
PAX, along with other new USD-backed stablecoins, might be seen as a better alternative to the popular Tether (USDT), which has been criticized for alleged connections with crypto exchange Bitfinex and secrecy over its USD balance. The good news is that PAX is complying with US regulations, but some users fear that law enforcement might have direct access to the code. The Paxos team told us earlier that it was not the case, though law enforcement can indirectly affect the token.