{"id":41276,"date":"2018-10-17T08:08:59","date_gmt":"2018-10-17T12:08:59","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=41276"},"modified":"2018-10-17T01:51:14","modified_gmt":"2018-10-17T05:51:14","slug":"paxos-has-issued-a-record-50-million-of-the-recently-launched-us-dollar-backed-stablecoin-according-to-firms-top-official","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/paxos-has-issued-a-record-50-million-of-the-recently-launched-us-dollar-backed-stablecoin-according-to-firms-top-official-41276","title":{"rendered":"Paxos Has Issued a record $50 Million of The Recently Launched US Dollar-Backed Stablecoin according To Firm\u2019s Top Official"},"content":{"rendered":"<p>Paxos Standard (PAX) stablecoin launched barely a month ago and $50 million-worth of the USD-backed crypto has been issued so far according to the company\u2019s Vice President of marketing and communications, Dorothy Jean Chang. Chang made the <a href=\"https:\/\/www.cryptovibes.com\/crypto-news\/demand-for-paxosglobal-pax-is-increasing\/\" target=\"_blank\" rel=\"noopener\">announcement<\/a> through her twitter handle on October 15.<\/p>\n<h2><strong>Regulated and USD-backed<\/strong><\/h2>\n<p>The company\u2019s stablecoin is <a href=\"https:\/\/cointelegraph.com\/news\/blockchain-trust-company-paxos-launches-ny-regulator-approved-usd-backed-stablecoin\" target=\"_blank\" rel=\"noopener\">regulated<\/a> by the New York State Department of Financial services (NYDFS) as per a regulatory agreement signed early in September. The coin is therefore approved and backed by industry\u2019s regulators making it \u2018safe\u2019 to trade in.<\/p>\n<p>According to a press release during the launch of the US dollar-pegged cryptos, the company explains that, \u201cWhen Paxos Standard tokens are in circulation, the corresponding dollars are held in reserve. Upon redemption for dollars, Paxos Standard tokens are immediately destroyed. Tokens are only in circulation when the corresponding dollars are in custody.\u201d<\/p>\n<p>As at September 28, Paxos \u201cheld about $14 million, backing the roughly 14 million PAX it had issued\u201d according to Withum, an independent auditing firm that monitors the firm\u2019s US dollar reserve monthly.<\/p>\n<h2><strong>Stablecoin\u2019s souring demand<\/strong><\/h2>\n<p>It could be argued that the stablecoin\u2019s demand is souring probably because of it is \u201cregulated\u201d compared to other cryptos. However, according to Paxos officials, the coin has been listed in over 20 cryptocurrencies <a href=\"https:\/\/cryptovest.com\/news\/paxos-expands-rapidly-reaches-20-top-exchanges-otc-desks\/\" target=\"_blank\" rel=\"noopener\">exchange platforms<\/a> including Binance and OKEx with others expected to follow. These rapid listings have fueled the stablecoin\u2019s demand even further.<\/p>\n<p>At this rate of token issuance, the stablecoin is likely to have \u201c\u201cachieved the fastest, widest institutional adoption of any digital asset.\u201d<\/p>\n<p>While Paxos celebrate the milestone, another US dollar-backed token Tether (USDT) was trading way below its range. Players in the market speculate that Tether\u2019s extremely poor performance is associated with loss of market trust and banking complications.<\/p>\n<p>Tether also had a massive issuance of its US dollar pegged coins just like it is happening with Paxos\u2019 coin that it drew discussions on its possible influence on Bitcoin\u2019s price performance. It will however, be wise for Paxos to study Tether\u2019s downfall and stipulate measures to avoid the same pitfall.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Paxos Standard (PAX) stablecoin launched barely a month ago and $50 million-worth of the USD-backed crypto has been issued so far according to the company\u2019s [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":41277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[13016],"tags":[12994,13025,13466,13465],"stock_ticker":[],"class_list":["post-41276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency-news","tag-binance","tag-cryptocurrencies","tag-okex","tag-paxos-standard-pax","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Paxos Has Issued a record $50 Million of The Recently Launched US Dollar-Backed Stablecoin according To Firm\u2019s Top Official - Wall Street 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