Paxos Standard token has announced that it has achieved the fastest adoption among digital assets since its launch, gathering recognition and support from over 20 global exchanges and OTC Desks. Among the top exchanges to have listed PAX are Binance, OKEx, KuCoin, Gate.io, and DigiFinex. These exchanges trade pairs of PAX, which is pegged to the U.S. dollar, with the likes of Bitcoin, Ethereum, Tether, and other alt and stablecoins while integrations with more exchanges are lined up.
CEO and Co-Founder Chad Cascarilla shared felt about the progress made. Talking to BlockPublisher, Charles reported that he has been extremely delighted with the progress shown by Paxos Standard in such a short time, but is motivated to continue working towards greater adoption as the industry and traders see a benefit to cash out their holdings into a digital asset collateralized to the U.S. dollar. Chad said:
We couldn’t be more thrilled with Paxos Standard’s (PAX) global adoption by leading exchanges, trading desks and market makers. Just one month since launch, PAX has achieved the fastest, widest institutional adoption of any digital asset.
We have received resounding positive feedback from our partners, and other exchanges are coming on board in the very near future. PAX is now supported on over 20 top global exchanges and OTC desks.
Paxos has become an increasingly important stablecoin in the crypto space, especially since after Tether imploded and dropped up to 4% in price. It is being explored by several Over-the-Counter (OTC) platforms such as SFOX, XBTO and Galaxy Digital, among others. SFOX’s CEO Akbar Thobani also recently sung praises for Paxos Standard, admitting that it has quickly become “the stablecoin of choice”.
Chad Cascrilla had similar thoughts to share for PAX when he talked about its greater stature compared to other stablecoins with regards to volume and market demand. He said:
As the #1 fastest growing stablecoin, we continue to gain momentum. PAX is ahead of other new, recently launched stablecoins in total volume, trading volume and wallet distribution.
Adoption from global institutions displays an ever-growing potential for a strong USD-backed stablecoin. Paxos certainly fits the bill, having issued over $36 million PAX in exchange for USD deposits.
In addition to exchanges and institutions, it is supported by a wide range of crypto wallets. It also complies with U.S. financial regulations, being the first token approved for insurance by the New York State Department of Financial Services while also being the first token to be issued directly by a regulated trust company.