Bitpie Will Support Stablecoin PAX Issuing on EOS Network
Bitpie will fully support Paxos Standard (PAX), a USD stablecoin regulated by the New York Department of Financial Services and issued by the Paxos Trust Company, to be launched on the EOS blockchain network and will undertake the technical work related to the issuance of PAX on EOS mainnet.
Based on EOS token standard, the new token will use PAXE as its ticker. PAXE will enable swaps between the EOS-based main blockchain and other blockchain networks to make it easier for individuals and institutional partners to do business pegged to fiat in the EOS ecosystem.
PAX was launched on September 10, 2018 on the Ethereum network with the approval of the New York State Department of Financial Services (NYDFS), unlike almost all other stablecoins that are merely registered as Money Services Businesses (MSB). This means that PAX is regulated and provides its customers with the highest level of protection. It is the first regulated USD stablecoin with high daily trading volumes that ensures open auditing, asset safety, and is supported by a large number of exchanges. PAX is truly a stable “digital dollar” in every sense of the term as every token is backed by USD held in reserve. All the deposits in USD are kept in independent accounts of FDIC-insured banks registered in the US to ensure the safety of PAX tokens. Monthly attestations of PAX are conducted by top US audit firms to ensure the amount of USD in the accounts is consistent with the PAX in circulation.
Rich Teo, Co-Founder and CEO of Asia for Paxos, said: “We are happy to see that Bitpie is doing the important work of bringing PAX to EOS to offer the ease of digital dollars on a very popular chain. PAX continues to meet the ever-changing needs of digital asset communities, serve new business needs and operates as a strong gateway between digital and fiat assets. We welcome other chains, payment platforms and organizations to work with PAX when searching for new payments solutions and ways to move dollar assets the fastest way possible.”
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