Last week, crypto exchange Binance reportedly listed the Paxos Standard Token under the ticker symbol PAX. Paxo revealed that it issues and redeems PAX tokens one-to-one against U.S. dollars, giving holders a digital equivalent of the dollar that can be moved nearly instantly. Paxos Standard is regulated by the New York State Department of Financial Services and claimed to be the first digital asset to be approved and overseen by a regulator.
“By using PAX, traders can be confident that they are using a coin that is regulated and backed by U.S. dollars held at U.S.-domiciled FDIC-insured banks.”
Speaking about the Paxos listing, Binance CEO Changpeng Zhao (CZ), stated:
“We are thrilled that Binance has chosen to use Paxos Standard as a point of entry. Regulated stable coins serve as a perfect middle ground where regulators maintain a large degree of control, but the currency also offers far more freedom than traditional fiat for users. This is a big step in the right direction. We highly encourage and support regulated stable coins, and we applaud Paxos for moving the industry forward.”
Paxos CEO & Co-Founder Chad Cascarilla then added:
“We’re thrilled that they will now have access to Paxos Standard and all the stability, reliability and freedom of movement that it represents.”