Paxos, a financial technology company and the first blockchain-powered trust, has just announced that its Paxos Standard Token (PAX) is going to be added as a base currency on the Binance crypto exchange. PAX will have six trading pairs listed on Binance’s USDⓈ Markets against:
- BNB,
- BTC,
- ETH,
- XRP,
- EOS, and
- XLM.
Digital asset traders will be offered a USD-denominated alternative to Tether (USDT) as a base currency for the first time, following PAX’ addition.
PAX is backed 1:1 by US dollars held in FDIC-insured US banks, and a major auditing firm regularly ensures that these bank balances and token balances are consistent through monthly attestations.
Charles Cascarilla
Demand for PAX has grown very quickly since we launched just over two months ago, making it clear that traders want a stable, regulated and transparent stablecoin,” said Charles Cascarilla, Paxos co-founder and CEO. “Binance is responding to this demand by giving traders the ease of PAX-denominated trading. We believe this will help bring greater confidence and stability to crypto markets at large.
Paxos Standard was launched back in 2012 and is the first token issued directly by a regulated Trust company, approved for issuance, along with PAX, by the New York State Department Financial Services.