PAX/EUR: Convert Paxos Standard (PAX) to Euro (EUR)

Paxos Standard (PAX) is a stablecoin, a type of cryptocurrency designed to minimize price volatility. Launched in September 2018, PAX aims to combine the stability of the U.S. dollar with the efficiency of blockchain technology. Each PAX token is issued as an ERC-20 token on the Ethereum blockchain and is collateralized 1:1 with the USD held in Paxos-owned U.S. bank accounts. This means that for every PAX token in circulation, there is an equivalent amount of USD held in reserve, providing a stable value for the token. PAX is issued by Paxos, a company chartered by the New York State Department of Financial Services, which allows it to offer regulated services within the crypto asset world.

Paxos Standard operates on the Ethereum blockchain, just like Ether or any other ERC-20 asset. Users can exchange U.S. dollars for PAX tokens, which can then be transacted over the Ethereum blockchain. If a user wishes to redeem their PAX tokens, they can send them to an address controlled by Paxos. Paxos will then destroy the tokens and transfer the equivalent amount in fiat currency to the user's bank account. This process allows PAX to serve as an alternative to fiat currencies, enabling rapid, secure transactions with minimized price risk. In the event of a security threat, Paxos has the ability to pause transfers and approvals of the PAX token, ensuring the safety of the network.

Paxos Standard seeks to improve the larger financial ecosystem by creating a frictionless global network. This network aims to mobilize all digital assets quickly, with a high level of flexibility and accessibility. PAX can be used for a variety of purposes, including as a stable store of value, a medium of exchange, or a unit of account. Because PAX is backed 1:1 by the U.S. dollar, it can provide a stable value in the often volatile cryptocurrency market. Furthermore, because PAX operates on the Ethereum blockchain, it can be integrated with Ethereum-based applications, expanding its potential use cases.

Paxos Standard was created by Charles Cascarilla and Rich Teo, co-founders of Paxos. Cascarilla is a seasoned financial industry professional with experience at firms like Goldman Sachs and Bank of America, while Teo has a background in financial analysis. The pair launched Paxos Standard in September 2018 with the goal of stabilizing the dollar using blockchain technology. Since its launch, PAX has grown to become a well-known player in the stablecoin space, offering users a way to transact with blockchain assets while minimizing price risk.