About

Paxos Standard is a fiat-collateralized stablecoin. The Paxos Standard tokens (PAX) are issued as ERC-20 tokens on the Ethereum blockchain and are collateralized 1:1 by USD held in Paxos-owned US bank accounts. It is also the one of three stablecoins approved by Wall Street regulators, alongside GUSD and BUSD.

History

Founded in September 2018, Paxos Standard (PAX) is a fiat-collateralized stablecoin backed by USD in accounts held by the company at the U.S. depository institutions.

Paxos Standard was created by Paxos, a New York-regulated financial institution. Led by CEO and Co-Founder Charles Cascarilla, the Paxos team consists of individuals from various backgrounds and experiences ranging from Wall Street to Silicon Valley. There is no fee for PAX conversion or transactions.

Announced publicly on September 10th, 2018, Paxos and Gemini are the first virtual currency companies to be granted Trust charter by the NYDFS (New York State Department of Financial Services). With the charter, Paxos can offer regulated services with crypto-assets and virtual commodities.

Paxos Standard was built to improve the larger financial ecosystem by creating a frictionless global network where digital assets can be mobilized with significantly increased speed, flexibility, and accessibility. It officially began trading on September 27th, 2018. Paxos’ goal is to create a future where digital assets, commodities, and securities can be transferred anywhere at any time.