Leading blockchain and cryptocurrency asset exchange Binance has today announced Paxos Standard (PAX) and USDT to be listed as a trading pair on its platform. Paxos Standard is the first digital asset which is licensed and is regulated by the New York State Department of Financial Services and serves as a stable token collateralized in a 1:1 ratio with the U.S. dollar. Also backed by the U.S. dollar is the USDT, which is a cryptocurrency asset based on the Bitcoin blockchain and is held in the reserves of Tether Limited.
Binance issued a statement regarding the listing of this trading pair which comes as a big coup for Paxos Standard. They seemed undoubtedly thrilled with the announcement and shared the news on their Twitter feed that said:
Wow – #1 crypto exchange Binance has just announced that it will list Paxos PaxosStandard.
While Binance also provided information about PAX in its issued announcement, it is worth noting that it offers free of transaction fee services to convert PAX to USD and charges no redemption fee. It is a settlement utility by which digital transactions on the Ethereum blockchain can be settled to convert assets back into dollar equivalents.
Responding to BlockPublisher, Paxos press discussed the outlining features of PAX. It stated:
Paxos Standard combines the stability of dollar with the efficiency of blockchain technology and is a Trust company regulated by the New York State Department of Financial Services.
Further comment on the Binance listing and further integration plans from Paxos press officer Renee Rossi is awaited.
Also backed by the U.S. dollar is Paxos’ trade pair, the USDT. It is based on the Bitcoin blockchain via the Omni Layer Protocol and can be stored and spent like Bitcoins. It was created to provide a stable alternative to BTC for relatively unreliable procedures of crypto wallet audits. Stable tokens such as USDT are aimed at solving the problem of volatility that is linked with this market. Being backed by the U.S. dollar, instability linked with the world of cryptos is tackled appropriately.
The PAX/USDT trading pair will become open on October 4 according to Binance and the full announcement can be found here.