Paxos Standard™ token is a new digital asset that is fully collateralized one-for-one by USD, issued by the Paxos Trust Company and approved and regulated by the New York State Department of Financial Services. Paxos Standard allows participants to transact in a trusted and secure, USD-backed and denominated asset with the benefits of blockchain technology and the oversight of financial regulators.
Paxos Standard represents a significant advancement in digital assets, leveraging the infrastructure, oversight and stability of the traditional financial system, while operating at the speed of the Internet.
- Paxos Standard tokens are issued and redeemed by Paxos. As a trust, Paxos issues PAX directly with no need for any middlemen. This enables more efficient operations,
including shorter redemption windows (PAX can be redeemed for dollars within one
business day) and lower fees.
- PAX can be sent to or received by anyone with an Ethereum wallet. All transactions
operate according to the rules of a smart contract on the Ethereum platform following the
ERC-20 protocol. Because of this smart contract, transactions eliminate human error and the system operates only as programmed.
- PAX is available to be listed on exchanges around the world. Since it is backed by the
dollar, it can be used as a proxy for understanding the value of the dollar as compared to
other digital assets.
- The Paxos exchange, itBit, will allow users to cash out of their holdings directly and
instantaneously to PAX rather than cash if they choose. itBit will also trade PAX OTC.
- PAX is available 24/7 to facilitate settlement against any type of asset including crypto,
security and asset tokens or for payments. Unlike fiat, which is only available to settle
trades during bank business hours, PAX can move anywhere, anytime.
- Built on the Ethereum blockchain, PAX is a programmable token that can participate in
the larger global community of tokens, helping create a global platform for
programmable money with stability.