Paxos Standard logo

Paxos Standard

PAX

Price
$1.00
12/3/2022, 5:18:40 PM
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Market

Market stats

Market cap

$944.2M

Volume (24h)

$1.0M

Circulating supply

945.6M PAX

Typical hold time

7 days

Trading activity

Not enough data

Popularity

#33

All time high

$2.02

Price change (1h)

+0.18%

Price change (24h)

-0.47%

Price change (7d)

-0.08%

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Paxos Standard is on the decline this week.

The price of Paxos Standard has fallen by 0.08% in the past 7 days. The price declined by 0.47% in the last 24 hours. In just the past hour, the price grew by 0.18%. The current price is $1.00 per PAX. Paxos Standard is 50.57% below the all time high of $2.02.

The current circulating supply is 945,642,940.11 PAX.

About

The Paxos Standard Token is a stablecoin running on Ethereum. For stablecoins like PAX, the company behind the protocol is responsible for holding reserves that fully back each token. The company behind PAX, Paxos Trust Company, claims to hold reserves that fully back each PAX.

What Is Paxos Standard (PAX)?

Paxos is the first blockchain infrastructure platform that is regulated. The platform aims to build a system enabling quick transfer of assets. The company's purpose is to trade, settle, and tokenize assets for its clients.

According to the whitepaper, Paxos Standard with the ticker PAX is a token backed one-to-one by USD deposits. The token is available through Paxos, a trust company regulated by the New York State Department of Financial Services (NYDFS). PAX can be exchanged or redeemed one-to-one for USD. During redemption, the tokens are instantly removed from the supply. PAX tokens exist only when the corresponding dollars are in custody. In other words, Paxos Standard Token works as a stablecoin, which is a class of cryptocurrencies that offers price stability and is backed by a reserve asset like USD. As a result, PAX offers the benefits of blockchain technology as well as the stability of the traditional currency.

Paxos is responsible for the issuance and redemption of PAX tokens. Paxos issues these tokens without requiring any central intermediary. This facilitates more efficient operations, including shorter redemption windows and lower fees. For instance, PAX can be redeemed for USD within one business day. Another prominent feature of PAX tokens is that it is available 24/7 to enable settlement of any type of assets like crypto, security, and asset tokens or for payments.

Discussing the long-term utility of the asset, a tokenized representation of USD alleviates the friction between digital assets and traditional currencies. Due to the restrictions of the banks, converting digital assets into traditional assets takes time and money. Thus, to overcome this issue, Paxos Standard creates a “home base” for the dollar in the digital world with a rapid settlement when cashing out to PAX rather than USD. In other words, Paxos Standard facilitates quick and efficient settlement and offers greater utility and liquidity.

Built on Ethereum, PAX follows the ERC20 standard, which defines the common list of rules to be followed by new tokens in the Ethereum ecosystem. This is a programmable token that can join a larger global community of tokens to help build a stable global platform for programmable money. Moreover, anyone can receive or send PAX within an Ethereum wallet. On the Ethereum platform, all transactions are governed by the rules of a smart contract. These are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain. Due to the smart contracts, transactions are free from human error, and the systems operate only as programmed.

History of Paxos Standard (PAX)

Paxos was founded by Charles Cascarilla and Rich Teo. Cascarilla previously worked for Bank of America, Claiborne Capital Management, and Goldman Sachs. Teo worked for Citi and was a combat signaler in the Singapore Armed Forces. Before creating Paxos, they were also a part of Cedar Hills Capital Partners. Paxos launched the first regulated crypto exchange, known as itBit, in 2012

In 2015, Paxos became the first company to secure a New York State Department of Financial Services Trust Charter for Digital Assets. The company released one of the world’s first regulated stablecoins, i.e., PAX, in 2018. The PAX is now rebranded as USDP. However, other than the name, USDP is identical to PAX.

The whitepaper v1.0 of Paxos Standard was published on September 9, 2018. The new whitepaper v2.01 after Paxos Standard (PAX) got rebranded to Pax Dollar (USDP) was published on August 24, 2021.

How Many Paxos Standard (PAX) Tokens Are There?

The maximum total supply of PAX tokens is around 945 million.

How to Buy Paxos Standard (PAX) Tokens

Users can trade PAX at various exchanges, including Coinbase. It's secure, simple, and easy.

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Reading List

News

The Block • Jun 08, 22

New York’s financial regulator issues new guidance on dollar-backed stablecoins

The New York Department of Financial Services introduced new policies aimed at protecting stablecoin investors.

Read more

The New York Department of Financial Services introduced new policies aimed at protecting stablecoin investors.

Paxos • May 13, 22

Understanding the Demise of UST and What Makes a Stablecoin Stable

Stablecoins are digital tokens backed by stable assets such as the US dollar, and were originally created for crypto investors to have an easy on- and off- ramp between fiat currencies and crypto. As stablecoin usage and market cap have increased, so has regulatory scrutiny. In particular, the reserve practices (or lack thereof) of various stablecoins have increasingly been in the spotlight - which brings us to the algorithmic stablecoin at the heart of the Terra ecosystem, UST.

Read more

Stablecoins are digital tokens backed by stable assets such as the US dollar, and were originally created for crypto investors to have an easy on- and off- ramp between fiat currencies and crypto. As stablecoin usage and market cap have increased, so has regulatory scrutiny. In particular, the reserve practices (or lack thereof) of various stablecoins have increasingly been in the spotlight - which brings us to the algorithmic stablecoin at the heart of the Terra ecosystem, UST.

Paxos • Apr 28, 22

Consumer Crypto Adoption Accelerates in LatAm: Impesa Chooses Paxos Crypto Brokerage to Add Crypto Services for Costa Rican Customers

The trend may have kicked off in El Salvador with Bitcoin becoming legal tender, but the mainstream adoption of digital assets is only accelerating across Latin America. We’re excited to share that Paxos Crypto Brokerage now powers the digital asset experience on Monibyte, a digital wallet app from IMPESA, a Costa Rican fintech and software […]

Read more

The trend may have kicked off in El Salvador with Bitcoin becoming legal tender, but the mainstream adoption of digital assets is only accelerating across Latin America. We’re excited to share that Paxos Crypto Brokerage now powers the digital asset experience on Monibyte, a digital wallet app from IMPESA, a Costa Rican fintech and software […]

Paxos • Apr 13, 22

IEFA Conversation Series: Charles Cascarilla Sits Down with Matt Leising

Paxos CEO and Co-Founder Charles Cascarilla sat down with journalist Matt Leising to discuss how blockchain technology is changing the way money and value moves around the world. They also discussed how blockchain and digital assets will revolutionize the average person’s interactions with the financial system.

Read more

Paxos CEO and Co-Founder Charles Cascarilla sat down with journalist Matt Leising to discuss how blockchain technology is changing the way money and value moves around the world. They also discussed how blockchain and digital assets will revolutionize the average person’s interactions with the financial system.

Paxos • Mar 28, 22

Deploying Dollars on the Blockchain

Watch Paxos Engineering leaders Ilan Gitter and Brent Perreault go in-depth on what it takes to build a stablecoin and deploy it on the blockchain!

Read more

Watch Paxos Engineering leaders Ilan Gitter and Brent Perreault go in-depth on what it takes to build a stablecoin and deploy it on the blockchain!

CoinDesk • Mar 10, 22

Paxos Wins Regulatory Approval From Monetary Authority of Singapore

The custodian and back-end provider is the first crypto firm to gain regulatory approval in both New York and Singapore.

Read more

The custodian and back-end provider is the first crypto firm to gain regulatory approval in both New York and Singapore.

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FAQ

What is the current price of Paxos Standard?

The price of 1 Paxos Standard currently costs $1.00.

What is the market cap of Paxos Standard?

The current market cap of Paxos Standard is $944.18M. A high market cap implies that the asset is highly valued by the market.

What is the all time high of Paxos Standard?

The all-time high of Paxos Standard is $2.02. This all-time high is highest price paid for Paxos Standard since it was launched.

What is the 24 hour trading volume of Paxos Standard?

Over the last 24 hours, the trading volume of Paxos Standard is $1.05M.

What other assets are similar to Paxos Standard?

Assets that have a similar market cap to Paxos Standard include Chiliz, Frax, EOS, and many others. To see a full list, see our comparable market cap assets.

How many Paxos Standard are there?

The current circulating supply of Paxos Standard is 946 million.

What is the typical holding time of Paxos Standard?

The median time that Coinbase customers hold Paxos Standard before selling it or sending it to another account or address is 7 days.

What is the relative popularity of Paxos Standard?

Paxos Standard ranks 194 among tradable assets on Coinbase. Popularity is currently based on relative market cap.