What is Paxos Standard?
Paxos Standard Token, or PAX, is a cryptocurrency that is in the class of stablecoins. Stablecoins are a cryptocurrency that is backed with real-world assets, either a country's currency such as the U.S. Dollar, or with a commodity such as gold or silver. PAX is backed with U.S. Dollars, and they maintain a 1:1 ratio between PAX and U.S. Dollars. There are many other stablecoin cryptocurrencies, and they all offer roughly the same advantages to those looking to invest in cryptocurrency but don't like the volatility that is inherent in many, if not most, cryptocurrencies. These advantages include being able to do transactions 24/7, having a decentralized accounting, immutability, and providing for instant worldwide transactions.
Why Did PAX Come About?
PAX was developed, and continues to operate transparently, because of a major controversy in the stablecoin marketplace in 2018. At that time, another stablecoin cryptocurrency by the name of Tether made claims of having more than $1.8 billion in real-world assets. There were many that were skeptical of this claim, and many were convinced that Tether was inflating their numbers by essentially making up Tether coins from nothing. The detractors claimed that Tether did not actually have the real-world assets to back up their claims. Tether released a letter supposedly from a bank in the Bahamas that confirmed the amount of assets in a bank account that would have backed up the cryptocurrency.
Because of this controversy in the stablecoin world at that time, PAX was developed and put forward that they were going to be transparent to a fault. The team that developed PAX saw an opportunity to gain market share by transparently showing that they always had the real-world assets to back the useage claims they put forward. They did this by issuing and burning their tokens using a smart contract that is audited regularly. Additionally, PAX also has a well-known U.S. auditing firm verify the reserves that they have. By doing these steps, the hope is that they can build trust in stablecoins, and in particular PAX.
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What are Paxos Standard Frequenty Asked Questions?
Where does Paxos Standard (PAX) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, Paxos Standard currently ranks in position 61 out of the thousands of cryptocurrencies. It is also important to consider Paxos Standard‘s market cap – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. Paxos Standard has a market cap of $ 541,065,384, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 650,720,846,596, Litecoin at $ 9,593,933,307, Ethereum at $ 150,140,444,198, Tether at $ 24,782,037,653, and XRP at $ 13,176,629,456.
What is the price of Paxos Standard (PAX) today (updated in realtime)?
The current price of Paxos Standard is $ 0.994595 in USD. (The price in Euros is 0,820044 €; and the price in Bitcoin is Ƀ 0.00002900 BTC.)
How has Paxos Standard (PAX) performed recently?
Paxos Standard‘s price has decreased in the last 24 hours by -0.38%. This compares with a seven day change of -1.55%. The trading volume over the last 24 hours was $ 151,161,997. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds. It can be a good indicator of the general interest in the cryptocurrency.
What is Paxos Standard (PAX) official website?
Links to Paxos Standard‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
Has Paxos Standard (PAX) performed well historically?
Here is a chart showing how Paxos Standard has performed historically.
Where Can I Buy Paxos Standard (PAX)?
Here is a breakdown of the current market prices from top cryptocurrency exchanges.
Charts & Market Data
Paxos Standard News
- Ford, BMW back blockchain 'birth certificates' to combat used car fraudCointelegraph.com News - 12 hours agoA global automotive consortium is leveraging blockchain-based “birth certificates” to track the purchase and maintenance history of secondhand vehicles. The Mobility Open Blockchain Initiative, or…
- Bitcoin node count hits new all-time highCointelegraph.com News - 12 hours agoAmid increasing distrust of custodial solutions and recent upgrades to Bitcoin Core, more Bitcoiners are starting to run their own nodes. The number of Bitcoin…
- Is $1 billion a day in volume the 'new normal' for Uniswap?Cointelegraph.com News - 12 hours agoUniswap could be averaging $1 billion in daily trade volume soon with the majority of trades occurring between Ethereum and stablecoins. Leading decentralized exchange, or…
- Asia accounts for almost half of global crypto trading: Messari reportCointelegraph.com News - 12 hours agoCrypto activity in Asia is equivalent to that in the U.S. and Europe combined. Research by Messari has delved into the Asian crypto landscape and…
- Ripple pins hopes on Biden administration as co-founder sells 28.6M XRPCointelegraph.com News - 13 hours agoGeneral counsel for Ripple Stu Alderoty predicted Joe Biden’s administration would likely “help level the playing field” for crypto. After ending 2020 facing a lawsuit…