Binance announced today it is adding six trading pairs for the Paxos Standard Token (PAX), a dollar-backed stablecoin. Starting November 29, traders on Binance will be able to trade PAX using the following pairs:
BNB/PAX, BTC/PAX, ETH/PAX, XRP/PAX, EOS/PAX and XLM/PAX
Charles Cascarilla, Paxos co-founder and CEO gave the following statement:
“Demand for PAX has grown very quickly since we launched just over two months ago, making it clear that traders want a stable, regulated and transparent stablecoin. Binance is responding to this demand by giving traders the ease of PAX-denominated trading. We believe this will help bring greater confidence and stability to crypto markets at large.”
The Paxos Standard token is fully collateralized 1:1 by the U.S. dollar, issued by the Paxos Trust Company, and approved and regulated by the New York State Department of Financial Services.
Built on the Ethereum blockchain, it offers the benefits of crypto-assets such as immutability and decentralized accounting. Since it is fully collateralized by dollars, Paxos Standard offers a liquid, digital alternative to cash that is available 24/7 for instantaneous transaction settlement and is fully redeemable.
As a Trust company, Paxos is a fiduciary and qualified custodian of customer funds, and can, therefore, offer greater protections for customer assets than any other existing stablecoin.