🔩Paxos announces launch of stablecoin
Blockchain startup Paxos announced that is has received regulatory approval from the New York Department of Financial Services to issue a new stablecoin called the Paxos Standard. Paxos Standard will be issued as ERC-20 tokens, and fully-collateralized at a one-to-one ratio by U.S. dollars held in several FDIC-insured banks based in the U.S. Paxos is also a registered trust company, which means that the company is subject under both fiduciary and custody rules.
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