Paxos Now Allows for Instantaneously Redeeming Unlimited Amounts of PAX for USD

The company behind the Paxos Standard (PAX) stablecoin announced that its users can now instantaneously redeem unlimited amounts of its tokens for United States dollars. The development was described in a blog post published on May 13. Per the announcement, every PAX deposited on the company’s platform can now be immediately sent as USD to a bank account without minimal redemption requirements or fees for deposits or withdrawals. The company claims: “We launched PAX with a 1 day redemption window, which was groundbreaking. Then we moved to four-hour windows. Now,…

PAX Streamlines Redemptions in Battle for Stablecoin Market Share

Most crypto companies avoid comparisons to traditional banks. But Chad Cascarilla, CEO of the stablecoin issuer Paxos, welcomes the analogy. “It’s akin to a bank account,” Cascarilla said, describing the new integration of Paxos wallets to the sister company itBit, a crypto exchange. “It has the look and feel in part of a bank account, in part of a custody account.” As part of this new user interface, Paxos accounts now allow users to instantly redeem PAX dollar-backed stablecoins, which were previously only redeemable a few hours a day. The…

Ontology to Launch Regulated USD-Backed Stablecoin PAX on its Blockchain

Enterprise blockchain platform Ontology (ONT) plans to launch a version of the regulated USD-backed stablecoin Paxos Standard (PAX) on its own blockchain. The company announced the news in a press release published on April 27. Per the release, the new token (PAXO) will be based on Ontology’s OEP-4 token standard, which will enable atomic swaps between the Ontology-based main blockchain and other blockchains. This feature reportedly aims to make it easier for institutions and individuals to do business in fiat terms in the Ontology ecosystem. The company claims that PAX…

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

U.S. dollar-backed stablecoin Paxos Standard (PAX) has exceeded $5 billion worth of transaction volumes, according to a press release shared with Cointelegraph Dec. 13. As reported, PAX is an Ethereum (ETH) blockchain-based stablecoin, backed 1:1 by the U.S. dollar, which sealed regulatory approval from the New York State Department of Financial Services (NYDFS) in September. According to Paxos — the blockchain trust company that issues PAX — the coin has as of today has been used in $5,245,958,124.65 worth of transaction volumes, with a market cap of over $174 million…

BitPay Integrates PAX Stablecoin Into Cryptocurrency Payment Platform

Bitcoin payment platform BitPay is now going to allow payments with the Paxos Standard token (PAX), which it calls “the fastest growing stablecoin and the highest trading volume of any U.S. dollar-backed stablecoin.” Although BitPay has previously integrated a number of different cryptocurrencies in its platform, such a widely trafficked stablecoin (the first of its kind to see support from the payment platform) holds certain distinct advantages, namely regulatory compliance and a stable value. Seeing as each PAX token represents $1, merchants and customers might feel more comfortable transacting the…

Coinbase Token Attracts Capital But PAX Leads Trading

Twitter Facebook It’s now been nearly two months since Winklevoss-led cryptocurrency exchange Gemini fired the first shot in the stablecoin wars through the launch of its USD-pegged crypto token, the eponymous Gemini Dollar. That same day, Paxos — like Gemini an NYDFS-regulated firm — made a similar announcement, and before long, crypto unicorns Circle and Coinbase revealed that they had partnered to co-issue a consortium-led, fiat-backed token, USD Coin. These three tokens, along with fellow “regulated” stablecoin TrueUSD (TUSD), which launched earlier in the year, have collectively attracted more than…