Paxos announced that the Paxos Standard™ token (PAX™) will be added as a base currency on the world’s largest crypto exchange, Binance. When trading commences at 8 a.m. EST on November 29, PAX will have six trading pairs listed on Binance’s USDⓈ Markets against BNB, BTC, ETH, XRP, EOS and XLM.
With a circulating supply exceeding $140 million, Paxos Standard’s market cap has continued to grow on a daily basis since its launch on September 10. The addition of PAX on the Binance exchange platform will offer digital asset traders a USD-denominated alternative stablecoin to Tether (USDT) as a base currency for the first time. 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. Paxos and PAX are both approved and regulated by the New York State Department of Financial Services.
“Demand for PAX has grown very quickly since we launched just over two months ago, making it clear that traders want a regulated and transparent stablecoin they can trust,” 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.”
As the first digital asset issued by a financial institution and fully backed by USD, PAX provides a stable medium of exchange for digital transactions. Additionally, verified Paxos customers can easily purchase or redeem PAX same-day.
“We added PAX as a stablecoin base pair because we believe it will help to increase overall liquidity of the crypto market,” said Changpeng Zhao, CEO of Binance. “More trading pairs will be added soon.”
Paxos was launched 2012 as a way to modernize finance by mobilizing assets at the speed of the internet. Paxos Standard is the first token issued directly by a regulated Trust company and is approved for issuance by the New York State Department Financial Services.