Paxos Standard (PAX) continues to blur the line between traditional finance and the blockchain -- to the benefit of its users.<\/p>\n
One of several types of cryptocurrencies that attempts to offer both anonymity and stability, PAX is a regulated \"stablecoin\" -- those cryptocurrencies that are backed by reserve assets. Now, it's also begun offering auto-transfers between bank deposits and stablecoins, so thatcustomers can automatically wire funds from U.S. bank accounts into either Paxos Standard or Binance USD stablecoins.<\/p>\n
First issued in 2018 by the New York-based blockchain company Paxos, PAX was released as a token on the Ethereum Blockchain and is backed by funds held in FDIC-insured, U.S.-domiciled banks.<\/p>\n
The Paxos Standard Token is now the fourth largest stablecoin with a market cap of $220 million and trading volumes of around $350 million daily. It is listed on over 100 exchanges, walletsand over-the-counter desks and has grown in popularity among traders due to its immediate settlement and verified reserves.<\/p>\n
PAX FCAS is up 34-points (4.45%) since late-January when Paxos announced a new feature allowing customers to automatically wire transfer funds to or from their bank accounts. The goal is to increase the inflow of dollars on the Ethereum blockchain.<\/p>\n
The team highlights the practicality of this new automated feature if you have weekly, recurring deposits of USD; if you are a trader who needs stablecoins on a weekly basis, or a merchant who accepts payment in stablecoins for instance. The team is actively making these transfers faster, within minutes for requests below a certain USD threshold, which explains the 10.22% increase in Developer Behavior were seeing.<\/p>\n
FCAS is up 34-points (4.45%)<\/p>\n
Developer Behavior is up 57-points (10.22%)<\/p>\n
User Activity is up 14-points (1.48%)<\/p>\n
Market Maturity is down 1-point (-0.10%)<\/p>\n
TheStreet<\/p>\n
Stablecoins provide the standard benefits of cryptocurrency without the volatility of price. This makes them extremely useful for users who wish to switch between a volatile cryptocurrency or traditional currency, and a more stable asset. <\/p>\n
Regulations in the U.S., however, may deem stablecoins as evidence of debt that is put in circulation as money, forcing the issuer to be licensed as a bank or trust company. Paxos (formerly known as itBit Trust Company LLC) is well positioned in this regard because it is licensed as a limited purpose trust company, distinguishing itself within the blockchain industry as a trustworthy issuer. <\/p>\n
Were really a technology firm at heart, and so were trying to give you the confidence of a bank, but the innovation of Silicon Valley, Paxos CEO Charles Cascarilla says.<\/p>\n
The FCAS Tracker provides institutional and sophisticated retail investors a top-down approach to tracking 500+ cryptocurrencies fundamentals. FCAS Tracker is currently free to a select group of new users as we continue to develop the product. Visit us here to gain access to Flipside Analytics.<\/p>\n
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