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.
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Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards.
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.
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.
is the first 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 , 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 , which is a class of 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 , PAX follows the 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 . 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.
Paxos was founded by and . 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 maximum total supply of PAX tokens is around 945 million.
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The price of 1 Paxos Standard currently costs $1.00.
The current market cap of Paxos Standard is $944.18M. A high market cap implies that the asset is highly valued by the market.
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.
Over the last 24 hours, the trading volume of Paxos Standard is $1.05M.
The current circulating supply of Paxos Standard is 946 million.
The median time that Coinbase customers hold Paxos Standard before selling it or sending it to another account or address is 7 days.
Paxos Standard ranks 194 among tradable assets on Coinbase. Popularity is currently based on relative market cap.
Certain content has been prepared by third parties not affiliated with Coinbase Inc. or any of its affiliates and Coinbase is not responsible for such content. Coinbase is not liable for any errors or delays in content, or for any actions taken in reliance on any content. Information is provided for informational purposes only and is not investment advice. This is not a recommendation to buy or sell a particular digital asset or to employ a particular investment strategy. Coinbase makes no representation on the accuracy, suitability, or validity of any information provided or for a particular asset. Prices shown are for illustrative purposes only. Actual cryptocurrency prices and associated stats may vary. Data presented may reflect assets traded on Coinbase’s exchange and select other cryptocurrency exchanges.