Paxos Standard, or PAX, is a token that is backed one-to-one by USD deposits and available through Paxos. PAX is available one-to-one in exchange for USD and redeemable one-to-one for USD. Upon redemption, PAX tokens are immediately removed from the supply; PAX are only in existence when the corresponding dollars are in custody.
Paxos accepts dollar deposits and issues Paxos Standard tokens which can be traded, transacted and transferred easily and without friction. Currently, the economy of digital assets is fluid, global and fast, yet faces meaningful roadblocks when trading between digital assets and fiat because of the inherent delays in the traditional banking system. Paxos Standard gives users the convenience of keeping their liquidity in digital assets while still maintaining stability. Paxos Standard is as good as or better than fiat in each of its functions: it is easier to exchange, maintains the same unit of account, and provides the same store of value. Fully collateralized by USD and supported by a regulated financial institution, Paxos Standard is therefore an improved model for money.
5 Key Product Features and Benefits:
Paxos Standard tokens are issued and redeemed by Paxos.
PAX can be sent to or received by anyone with an Ethereum wallet.
PAX is available to be listed on exchanges around the world.
The Paxos exchange, itBit, will allow users to cash out of their holdings directly and instantaneously to PAX rather than cash if they choose.
PAX is available 24/7 to facilitate settlement against any type of asset including crypto, security and asset tokens or for payments.
Built on the Ethereum blockchain, PAX is a programmable token that can participate in the larger global community of tokens, helping create a global platform for programmable money with stability.