Paxos: $50M Paxos Standard Stable Coin Issued So Far
Paxos Standard stable coin, also known as PAX, announced that they have issued $50 million worth of stable coins since they have launched. PAX is seen as a great option for stable coin market given their experience and quality across the markets.
Paxos vice president of marketing Dorothy Jean Chang recently said since their launch on Sept 10, they had issued $36 million of stable coins to the respective cryptocurrency exchanges.
After that, it seems they issued another $14 million worth of stable coins in just several days. It seems they used the advantage of Tether crash. After Tether dropped almost to the levels of $0,90 back in yesterday, it seems the support and confidence have returned to other stable coins such as PAX, True USD, Circle Centre Coin and Gemini Dollar. It seems Tether needs to do a lot more to regain their confidence across the investors.
Paxos have been regulated by the New York Department of Financial Services, which is a huge bonus for them. Because, Tether has been constantly criticized by the cryptocurrency community because of their lack of transparency and the quality of their audits. Many argued Tether was used to manipulate Bitcoin price, and they are in lots of trouble right now and desperately trying to find a new bank.
After Tether crash, lots of big exchanges started to list other stable coins. Investors are happy with the news of course, because that means they now have other options to store their value, not only Tether. Most recently, OKEx, Binance and Huobi -they are all pretty strong exchanges in terms of daily trading volumes- have all listed Paxos to their platform and that might have played a role with their issue rate.
Time will tell whether Paxos will be worth trying or not. But it seems they have a pretty good team behind the project and they are regulated by financial institutions.