2018-9-12 17:30 |
On the same day that New York State Department of Financial Services (NYDFS) approved the Winklevoss twins’ Gemini dollar as a regulated stablecoin, NYDFS approved Paxos Standard’s PAX coin (CRYPTO: PAX) as stablecoin and tokenized dollar.
Paxos Standard is a New York-based blockchain-powered trust that offers settlement services.
On Monday, the company announced that PAX will be collateralized 1:1 with the U. S. dollar, making it a digital representation of Uncle Sam’s greenback. Every Paxos coin is fully backed by dollars held at U. S. -based FDIC-insured banks and transactions occur on the Ethereum network.
Continue reading Paxos Coin Approved As Stablecoin, Tied To US Dollar at Crypto Daily™.
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