Where Paxos Standard is Accepted Locally and Globally
PAX, The New Digital Dollar, is a “blue-chip” stablecoin issued by the Paxos Trust Company, based in New York. Riding on the credibility of the US Dollar, it’s accepted as payment by businesses around the world, from a Denver-based web development firm (responsible for building this website) to a Nootropics (“smart drugs”) store in Abu Dhabi.
Who accepts Paxos Standard…
Are you an Entrepreneur, freelancer, or manager of a business accepting cryptocurrency?
Should you buy Paxos Standard?
As a hedge-against-inflation investment? No, of course not! It’s pegged to the dollar and, as the meme goes, the US Dollar is the ultimate shitcoin. In your cryptocurrency trading, you’ll need to stabilize gains and mitigate losses occasionally, you’ll want to turn your BTC (or whatever it is you’re trading) into relatively stable dollars without taking your money out of the exchange. While Paxos is far from the only stablecoin game in town, PAX’s competitive advantage is credibility — it’s issued by a New York trust company, an officially chartered FDIC-insured national trust bank — making it one of the first “crypto banks.” The dollars backing PAX are stringently audited, check out the monthly attestations reports here. In 2020, they partnered with PayPal, they are the backend provider for PayPal’s new cryptocurrency services. Having achieved a top 100 CoinMarketCap ranking, it’s traded on all major exchanges — there’s plenty of liquidity making. If you’re looking for a credible stablecoin, look no further…
On its, surface Paxos is everything that crypto-purists hate; centralized, regulated, rule-following, and legacy banking system compliant — in the words of their general counsel, “We’re going to ask for permission, not forgiveness.” But before you, fellow crypto-ideologues, write off PAX as a crypto-cuckbucks-coin, just take a look at the alternatives. The looming Tether fraud is this open secret in the crypto-sphere, it’s going to be bad when it melts down, and the existence of rule-followers like Paxos may be what saves crypto from heavy-handed regulation.
About Paxos Standard (PAX)
If a hedge-against-inflation is what you’re looking for, Paxos Trust Company also offers PAX Gold, a gold-backed ERC-20 cryptocurrency.
Paxos Standard (PAX) was built so that money can move fast.
PAX is a digital dollar. Like other crypto assets, it can move instantaneously, anywhere in the world, any time of any day, and it’s programmable. Unlike other crypto assets, PAX is stable. It is backed 1:1 for the dollar and it’s issued by the Paxos Trust Company, so the funds are carefully protected, audited and regulated.
It’s a piece of our future vision for a frictionless, global economy, where all assets can move anywhere instantaneously, 24/7.
From paxos.com
The concept of money has evolved over thousands of years, and yet there is still room for improvement. The promise of digital assets — global fluidity, frictionless, democratized — has not been fully realized. Despite the proliferation of projects, billions of dollars of resources and years spent in development, even the leading digital asset, Bitcoin, is still plagued by significant issues that limit its utility.
In this paper, we introduce Paxos Standard™ token, 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. We explain the advantages that Paxos Standard brings to financial markets, allowing 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.
from the Paxos Standard whitepaper
