PAX Stablecoin Exceeds $5 Billion in Transactions in First 3 Months

gepubliceerd op by Cointele | gepubliceerd op

U.S. dollar-backed stablecoin Paxos Standard has exceeded $5 billion worth of transaction volumes, according to a press release shared with Cointelegraph Dec. 13.

As reported, PAX is an Ethereum blockchain-based stablecoin, backed 1:1 by the U.S. dollar, which sealed regulatory approval from the New York State Department of Financial Services in September.

According to Paxos - the blockchain trust company that issues PAX - the coin has as of today has been used in $5,245,958,124.

Paxos, which holds its investors' dollar deposits in FDIC-insured U.S.-domiciled banks, has also included monthly attestation reports for the months since the token's launch - September, October, November 2018 - as part of its press release.

With Paxos claiming PAX is the "Second most widely traded stablecoin with three times the 24-hour trading volume of its next closest competitor," the token is indeed vying with several other newly-issued fiat-backed stablecoins.

The very same day that PAX was launched, the WInklevoss twins unveiled their own own New York regulator-approved, dollar-backed, ECR-20 compatible stablecoin, the Gemini dollar.

In October, currently top crypto exchange by market cap OKEx announced it would be listing four stablecoins at once - PAX, GUSD, TrueUSD and USD Coin.

Paxos' news confirms a Diar report from Dec. 10, which indicated that the adoption of stablecoins is burgeoning: the same four major stablecoins have in fact all broken the $5 billion mark in on-chain transactions within the three-month period, with November seeing a hefty 1,032 percent surge in on-chain transactions compared to September.

Stalwart, if controversial, stablecoin Tether, remains the stablecoin with the highest market cap as of press time, currently ranked fifth largest cryptocurrency on CoinMarketCap.

Just yesterday, a report citing "Multiple people with direct knowledge of the situation," indicated that major U.S.-based stablecoin project Basis - which has the backing of names such as Bain Capital Ventures and Andreessen Horowitz - would be shutting down operations and returning most of its funds to investors.

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