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Paxos Standard (PAX) is a new digital dollar that combines the stability of the US Dollar with the efficiency of blockchain technology. PAX is stable in value based on its peg with the Dollar fiat currency on a ratio of 1 to 1. Paxos Standard is issued by the Paxos Trust Company, a fintech firm on a mission to modernize finance by providing support for a series of digital tokens or stablecoins. Paxos Trust boasts of a charter with the New York State Department of Financial Services (NYDFS). The PAX stablecoin is an ERC-20 compliant token and has seamless wallet support and exchange integration. Paxos Standard gives its users a reduced liquidity risk as the tokens can easily be redeemed for US Dollars on the 1:1 basis. PAX tokens are secured as customer’s funds are held in segregated accounts at FDIC-insured, U.S.-domiciled banks. The 1 to 1 reserve policy of the tokens with US dollars is audited by Withum, a top-ranking auditing firm. The attestation report from Withum has been published since the launch of the tokens in September 2018 and can be found here.
PAX can be acquired from any of the exchanges that support it as listed on the tokens webpage. It can be used to limit exposure to crypto-asset volatilities during trading. It can also be used as a store of value for foreign currency holders whose currencies fluctuate against the US Dollar.