Flipside Daily Mover: PAX
A coin per day, making big moves
PAX Health Spike Spurred by Partnerships & Market Conditions
July 18, 2019
PAX FCAS has climbed 7.28% over the last 30 days. Developer Behavior climbed 61-points (12.32%) and User Activity spiked 45-points (5.15%). Market Maturity fell 3-points (-0.31%). Price is $0.99 at the time of this writing.
Stablecoins Rising
PAX is a fiat-collateralized ERC-20 stablecoin issued by the Paxos Trust Company. The asset is backed 1:1 with the US Dollar, and is approved and regulated by the New York State Department of Financial Services (NYDFS). The latter ensures that PAX appeals to both active crypto investment firms as well as traditional financial institutions seeking regulatory assurances before wading into uncharted crypto waters.
Fundamentals have been on the rise over the last several months as the team announced a number of key partnerships including an integration with the Bitpie Wallet in May and the Blockchain wallet in late June. This alignment has made PAX more accessible to a wide-range of investors looking to escape the high-volatility of crypto markets. PAX utilization has also benefited from a spike in crypto trading volumes following the most recent Bitcoin price run-up that peaked on June 26th.
🌶️ Hot Take
Overall market trust in PAX will continue to improve on the heels of yesterday’s news that the Paxos Trust Company will provide custody for Huobi Global’s new HUSD stablecoin. As the issued stablecoin of a company providing infrastructure for other hopeful stablecoins, confidence in PAX stands to benefit greatly.
While not the darling of DeFi like crypto-collateralized stablecoin DAI, PAX and its competitors are well-positioned to bridge the gap between traditional financial ecosystems and their budding crypto counterparts. With requisite infrastructure evolving at a rapid pace, the reduction in friction and increase in regulation across the markets will help usher institutional capital into the space.
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