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project icon for paxos

Paxos

PAX
$1.00
-0.66%
Negative delta icon
No icon fallback

Paxos Gold

PAXG
$1,881.35
-0.87%
Negative delta icon

Paxos is a USD-collateralized ERC-20 stablecoin with monthly reserve audits, operated by the itBit exchange with approval from the New York Division of Financial Services (NYDFS) and the BitLicense.

Overview

Project Stage

Live status icon

Amount Raised

$65,000,000.00

Market Cap

PAX
PAXG
$414MM
$70MM

Sector

Stablecoin

Blockchain

Ethereum token icon

Ethereum

Funding Source

Equity Funding

Project Profile

Asset-backed stablecoins typically introduce some degree of counterparty risk—issuers vary in their practices of disclosing and evidencing the actual balance of stablecoins issued to assets held, ease and oversight in redeeming underlying assets, available legal recourse in contexts of insolvency, or with transparency about the location of asset holdings. These issues are particularly topical in the context of Tether, the market-leading fiat-collateralized stablecoin, which has faced various controversy surrounding its auditability and convertibility. Paxos offers an alternative stablecoin with monthly reserve audits through the Withum auditing firm and New York regulatory approval. Paxos is broadly similar to Gemini’s GUSD and Circle/Coinbase’s USDC.

Paxos operates on the Ethereum blockchain as an ERC-20 token, with open source contracts governing the supply. After completing KYC procedures, users can mint new PAX stablecoins by wire transfer through the Paxos company, with no conversion fee. These stablecoins can be transferred off-platform to any Ethereum wallet. PAX can be redeemed instantly for USD, with no fee or minimums, at which point the tokens are burned on-chain. Intermediary holders are not subject to KYC checks, only those creating new stablecoins or redeeming them with PAX for USD. In order to comply with regulations, the PAX smart contracts define a Law Enforcement Role, which allows PAX to be frozen and seized in any wallet address; this functions as a global blacklist, and represents a key aspect of centralized control that the Paxos company (or regulators) has over the network. There have been no major blacklist cases to date, and Paxos has expressed in the Github repository that it will not take such measures of its own accord.

PAX is operated in tandem with the itBit cryptoasset exchange, which operates with NYDFS approval and holds a BitLicense. The Paxos Trust Company is a fiduciary, with all dollar deposits for PAX held in a variety of FDIC-insured US banks and/or collateralized by US treasury bonds. Similar to Gemini and Circle/Coinbase, Paxos’ business model is based on earning interest on the deposits and using the stablecoin as a liquidity mechanism on their exchange. In order to spur adoption as a trading mechanism, Paxos initially offered up to a 1% discount to OTC desks to use the stablecoin.

Stablecoins, like PAX, are anticipated to bridge gaps between cryptocurrencies and fiat. Stablecoin’s stability, in comparison to many cryptocurrencies’ volatility, makes them preferable to many users as a medium of exchange. Payment processors such as Bitpay have adopted Paxos as a means of payment. In turn, compared to fiat, stablecoins are simpler in respects to trade for cryptocurrency, with transfers being available during all hours. The emergence of effective, trustworthy stablecoins is expected to benefit many core elements of the overall distributed ecosystem: prediction markets, lending facilities, and insurance vehicles, in addition to a variety of other dApps.

project icon for paxos

Paxos

PAX

Project Assets

No icon fallback
PAXG
$1,881.35
-0.87%
Negative delta icon
project icon for paxos
PAX
$1.00
-0.66%
Negative delta icon

Paxos is a USD-collateralized ERC-20 stablecoin with monthly reserve audits, operated by the itBit exchange with approval from the New York Division of Financial Services (NYDFS) and the BitLicense.

Overview

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Live status icon
Live
PAX
PAXG
$414MM
$70MM
Ethereum token icon

Ethereum

ERC-20

FUNDING SOURCE

AMOUNT RAISED

SECTOR

Equity Funding

$65MM

Stablecoin

Project Profile

Asset-backed stablecoins typically introduce some degree of counterparty risk—issuers vary in their practices of disclosing and evidencing the actual balance of stablecoins issued to assets held, ease and oversight in redeeming underlying assets, available legal recourse in contexts of insolvency, or with transparency about the location of asset holdings. These issues are particularly topical in the context of Tether, the market-leading fiat-collateralized stablecoin, which has faced various controversy surrounding its auditability and convertibility. Paxos offers an alternative stablecoin with monthly reserve audits through the Withum auditing firm and New York regulatory approval. Paxos is broadly similar to Gemini’s GUSD and Circle/Coinbase’s USDC.

Paxos operates on the Ethereum blockchain as an ERC-20 token, with open source contracts governing the supply. After completing KYC procedures, users can mint new PAX stablecoins by wire transfer through the Paxos company, with no conversion fee. These stablecoins can be transferred off-platform to any Ethereum wallet. PAX can be redeemed instantly for USD, with no fee or minimums, at which point the tokens are burned on-chain. Intermediary holders are not subject to KYC checks, only those creating new stablecoins or redeeming them with PAX for USD. In order to comply with regulations, the PAX smart contracts define a Law Enforcement Role, which allows PAX to be frozen and seized in any wallet address; this functions as a global blacklist, and represents a key aspect of centralized control that the Paxos company (or regulators) has over the network. There have been no major blacklist cases to date, and Paxos has expressed in the Github repository that it will not take such measures of its own accord.

PAX is operated in tandem with the itBit cryptoasset exchange, which operates with NYDFS approval and holds a BitLicense. The Paxos Trust Company is a fiduciary, with all dollar deposits for PAX held in a variety of FDIC-insured US banks and/or collateralized by US treasury bonds. Similar to Gemini and Circle/Coinbase, Paxos’ business model is based on earning interest on the deposits and using the stablecoin as a liquidity mechanism on their exchange. In order to spur adoption as a trading mechanism, Paxos initially offered up to a 1% discount to OTC desks to use the stablecoin.

Stablecoins, like PAX, are anticipated to bridge gaps between cryptocurrencies and fiat. Stablecoin’s stability, in comparison to many cryptocurrencies’ volatility, makes them preferable to many users as a medium of exchange. Payment processors such as Bitpay have adopted Paxos as a means of payment. In turn, compared to fiat, stablecoins are simpler in respects to trade for cryptocurrency, with transfers being available during all hours. The emergence of effective, trustworthy stablecoins is expected to benefit many core elements of the overall distributed ecosystem: prediction markets, lending facilities, and insurance vehicles, in addition to a variety of other dApps.

Recent News

PayPal said to have chosen Paxos as cryptoasset service provider.

The financial technology company, PayPal has reportedly chosen the cryptoasset firm, Paxos to provide its brokerage service as part of PayPal’s reported upcoming cryptoasset trading functionality. It is not currently clear which assets PayPal will be offering to its customers, however. The news follows recent reporting of PayPal’s supposed upcoming entry into the cryptoasset markets and Paxos’s deal with Revolut US to provide the regulatory compliance and technology infrastructure for Revolut’s new cryptoasset offering to U.S. customers.

July 20, 2020

Sources:

CoinDesk

The total supply of stablecoins surpasses $10 billion.

The total supply of stablecoins surpassed $10 billion on Tuesday, reaching $10.4 billion, representing a 79% increase since the start of February. Tether (USDT) accounts for 85.1% or $8.8 billion of the total supply and is followed by USD Coin (USDC) with 7.2% and Paxos Standard (PAX) with 2.4%.

May 13, 2020

Sources:

more

Brooklyn Nets' Spencer Dinwiddie will move forward with tokenized income share agreement project.

After months of negotiations with the NBA, Spencer Dinwiddie announced that he will indeed sell tokens entitling holders to a portion of his future income beginning January 13th. He is seeking to sell $13.5M worth of tokens, accepting minimum investments of $150K from accredited investors. The sale is reportedly now being permitted due to a change in the agreement that offers to pay investors a flat rate in the third year, with payouts no longer being affected by any changes to Dinwiddie's NBA contract during that time. Paxos will provide escrow services for the project, and dividends will be paid in the USD-pegged PAX stablecoin.

January 10, 2020

Sources:

CoinDesk
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project icon for paxos

Paxos

PAX

Project Assets

No icon fallback
PAXG
$1,881.35
-0.87%
Negative delta icon
project icon for paxos
PAX
$1.00
-0.66%
Negative delta icon

Paxos is a USD-collateralized ERC-20 stablecoin with monthly reserve audits, operated by the itBit exchange with approval from the New York Division of Financial Services (NYDFS) and the BitLicense.

Overview

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Live status icon
Live
PAX
PAXG
$414MM
$70MM
Ethereum token icon

Ethereum

ERC-20

FUNDING SOURCE

AMOUNT RAISED

SECTOR

Equity Funding

$65MM

Stablecoin

Project Profile

Asset-backed stablecoins typically introduce some degree of counterparty risk—issuers vary in their practices of disclosing and evidencing the actual balance of stablecoins issued to assets held, ease and oversight in redeeming underlying assets, available legal recourse in contexts of insolvency, or with transparency about the location of asset holdings. These issues are particularly topical in the context of Tether, the market-leading fiat-collateralized stablecoin, which has faced various controversy surrounding its auditability and convertibility. Paxos offers an alternative stablecoin with monthly reserve audits through the Withum auditing firm and New York regulatory approval. Paxos is broadly similar to Gemini’s GUSD and Circle/Coinbase’s USDC.

Paxos operates on the Ethereum blockchain as an ERC-20 token, with open source contracts governing the supply. After completing KYC procedures, users can mint new PAX stablecoins by wire transfer through the Paxos company, with no conversion fee. These stablecoins can be transferred off-platform to any Ethereum wallet. PAX can be redeemed instantly for USD, with no fee or minimums, at which point the tokens are burned on-chain. Intermediary holders are not subject to KYC checks, only those creating new stablecoins or redeeming them with PAX for USD. In order to comply with regulations, the PAX smart contracts define a Law Enforcement Role, which allows PAX to be frozen and seized in any wallet address; this functions as a global blacklist, and represents a key aspect of centralized control that the Paxos company (or regulators) has over the network. There have been no major blacklist cases to date, and Paxos has expressed in the Github repository that it will not take such measures of its own accord.

PAX is operated in tandem with the itBit cryptoasset exchange, which operates with NYDFS approval and holds a BitLicense. The Paxos Trust Company is a fiduciary, with all dollar deposits for PAX held in a variety of FDIC-insured US banks and/or collateralized by US treasury bonds. Similar to Gemini and Circle/Coinbase, Paxos’ business model is based on earning interest on the deposits and using the stablecoin as a liquidity mechanism on their exchange. In order to spur adoption as a trading mechanism, Paxos initially offered up to a 1% discount to OTC desks to use the stablecoin.

Stablecoins, like PAX, are anticipated to bridge gaps between cryptocurrencies and fiat. Stablecoin’s stability, in comparison to many cryptocurrencies’ volatility, makes them preferable to many users as a medium of exchange. Payment processors such as Bitpay have adopted Paxos as a means of payment. In turn, compared to fiat, stablecoins are simpler in respects to trade for cryptocurrency, with transfers being available during all hours. The emergence of effective, trustworthy stablecoins is expected to benefit many core elements of the overall distributed ecosystem: prediction markets, lending facilities, and insurance vehicles, in addition to a variety of other dApps.

Recent News

PayPal said to have chosen Paxos as cryptoasset service provider.

The financial technology company, PayPal has reportedly chosen the cryptoasset firm, Paxos to provide its brokerage service as part of PayPal’s reported upcoming cryptoasset trading functionality. It is not currently clear which assets PayPal will be offering to its customers, however. The news follows recent reporting of PayPal’s supposed upcoming entry into the cryptoasset markets and Paxos’s deal with Revolut US to provide the regulatory compliance and technology infrastructure for Revolut’s new cryptoasset offering to U.S. customers.

July 20, 2020

Sources:

CoinDesk

The total supply of stablecoins surpasses $10 billion.

The total supply of stablecoins surpassed $10 billion on Tuesday, reaching $10.4 billion, representing a 79% increase since the start of February. Tether (USDT) accounts for 85.1% or $8.8 billion of the total supply and is followed by USD Coin (USDC) with 7.2% and Paxos Standard (PAX) with 2.4%.

May 13, 2020

Sources:

more

Brooklyn Nets' Spencer Dinwiddie will move forward with tokenized income share agreement project.

After months of negotiations with the NBA, Spencer Dinwiddie announced that he will indeed sell tokens entitling holders to a portion of his future income beginning January 13th. He is seeking to sell $13.5M worth of tokens, accepting minimum investments of $150K from accredited investors. The sale is reportedly now being permitted due to a change in the agreement that offers to pay investors a flat rate in the third year, with payouts no longer being affected by any changes to Dinwiddie's NBA contract during that time. Paxos will provide escrow services for the project, and dividends will be paid in the USD-pegged PAX stablecoin.

January 10, 2020

Sources:

CoinDesk
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