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…