Paxos, and its stablecoin Paxos Standard token (PAX), has topped $5 billion in transactions in just three months, according to a note from the company. PAX says that to date it has been used in $5,245,958,124.65 worth of transaction volume, including exchange trading volume and on-chain transaction volume. The current market cap of PAX is around $174 million. PAX is listed on some well-known exchanges such as Binance – where PAX was just listed, OKEx, KuCoin, Gate.io, and more.
— Paxos (@PaxosGlobal) November 27, 2018
Paxos now claims to be the second most widely traded stablecoin with three times the 24-hour trading volume of its next closest competitor.
Chad Cascarilla, CEO and co-founder of Paxos, said they have seen tremendous adoption around the globe as people understand their “unique position as a regulated stablecoin.”
Paxos is a Trust company, regulated by the New York State Department of Financial Services. Paxos is fully collateralized by USD. Launched September 10, 2018, Paxos Standard is the first token issued directly by a regulated Trust company.
“We have seen tremendous adoption around the globe as people increasingly value and understand our unique position as a regulated stablecoin. Paxos Standard now has the liquidity of crypto assets while matching the dollar in value,” said Cascarilla. “We aim to continue to offer the most reliable, transparent and redeemable stablecoin and support frictionless commerce worldwide.”
Volatility in the price of Tether, along with some pressing questions, has boosted interest in alternative stablecoins.
Paxos is part of the Association for Digital Asset Markets (ADAM) which it created with Genesis Global Trading, BTIG, and several other market leaders. ADAM seeks to set a high standard of operation for the crypto sector.