PAX
Reputation Ratings

PAX

Paxos Standard 5-10 years
Website https://paxos.com/standard
Browser
OTH RELPs
White Paper
Avg Price
0.00%
1D

$ 1.0011 USD

$ 1.0011 USD

Market Cap

$ 202.731 million USD

$ 202.731m USD

24h trading volume

$ 2.433 million USD

$ 2.433m USD

7d Vol

$ 37.109 million USD

$ 37.109m USD

Circulating supply

202.801 million PAX

Related information

Issue Time

2018-09-10

Platform pertained to

--

Current price

$1.0011USD

Market Cap

$202.731mUSD

Volume of Transaction

24h

$2.433mUSD

Circulating supply

202.801mPAX

Volume of Transaction

7d

$37.109mUSD

Change

24h

0.00%

Number of Markets

105

Token conversion

/

Current Rate0

Available

0.00USD

Calculate

Historical Price

Introduction

Markets

3H

+0.01%

1D

0.00%

1W

0.00%

1M

+0.11%

1Y

+0.17%

All

-0.05%

Aspect Information
Short Name PAX
Full Name Paxos Standard Token
Founded Year 2018
Main Founders Rich Teo, Charles Cascarilla
Support Exchanges Bitfinex, Binance, OKEX,Coinbase,Coinlib,Poloniex,CoinDesk,Kraken,KuCoin,HitBTC
Storage Wallet Any Wallet Supporting ERC20 Tokens
Customer Support Phone:1-800-342-3736

Overview of PAX

Paxos Standard Token (PAX) is a kind of stablecoin cryptocurrency that was launched in 2018 by Rich Teo and Charles Cascarilla. This cryptocurrency is predominantly supported by exchanges such as Bitfinex, Binance, and OKEX, granting it ample accessibility for users.

PAX operates as an ERC20 token, meaning it can be stored in any wallet that supports this standard. As an asset, it reflects a form of digital money regulated by blockchain technology, bearing the promise of instant transactions and absolute transparency for all its operations.

To obtain more information, you can visit their website:https://paxos.com/usdp/ and try to log in or register to use more services.

Overview

Pros and Cons

Pros Cons
Backed by USD, ensuring stability Value is tied to the US Dollar, resulting in no potential for significant growth
Supported by several major exchanges Relatively new, thus potential risks and unexplored drawbacks
Can be stored in any ERC20-supporting wallet Not as widely recognized or utilized as some other stablecoins
Regulated and transparent blockchain technology Dependent on the solvency and honesty of Paxos

Pros:

1. “Backed by USD, ensuring stability”: PAX token is a stablecoin, which means it's pegged to a stable asset – in this case, the US Dollar. This backing ensures stability of PAX's value, making it a safe choice for those who wish to avoid volatility common in the cryptocurrency market.

2. “Supported by several major exchanges”: The PAX token is listed and supported by several top-tier cryptocurrency exchanges such as Bitfinex, Binance, and OKEX. This facilitates easy access for trading and acquiring tokens for potential users.

3. “Can be stored in any ERC20-supporting wallet”: As an ERC20 token, PAX can be stored in any wallet that supports this standard. It provides flexibility and convenience to the users in terms of wallet selection.

4. “Regulated and transparent blockchain technology”: PAX operates on a blockchain platform providing transparency in transactions. Due to its regulated nature, it ensures user trust and credibility in its operations.

Cons:

1. “Value is tied to the US Dollar, resulting in no potential for significant growth”: While the US Dollar backing brings stability, it also means that PAX's value doesn't grow beyond the value of the dollar. Unlike other cryptocurrencies that can appreciate rapidly, PAX's value remains relatively constant.

2. “Relatively new, thus potential risks and unexplored drawbacks”: Launched in 2018, PAX is relatively new in the cryptocurrency landscape, and therefore it may have potential risks or unforeseen obstacles that have not yet been fully identified or understood.

3. “Not as widely recognized or utilized as some other stablecoins”: Despite its merits, PAX hasn't gained as much recognition or usage as some other stablecoins, meaning it may not have as vast a user base or as much market liquidity.

4. “Dependent on the solvency and honesty of Paxos”: As with any asset, trust in the PAX token hinges on the integrity and solvency of the organization behind it, Paxos. If Paxos were to face insolvency, or if their honesty were thrown into doubt, it could negatively impact PAX's value.

Pros and Cons

What Makes PAX Unique?

PAX, or Paxos Standard Token, presents itself as a digital stablecoin that is tied to the US Dollar 1:1 and is issued by the Paxos Trust Company. Unlike many traditional cryptocurrencies, whose value is driven by market supply and demand, PAX's value is kept stable due to its peg to the USD. This scrupulously regulated pegging to the USD is maintained through processes that are audited on a regular basis.

Moreover, PAX holds a unique position among cryptocurrencies as it has been approved and is regulated by the New York State Department of Financial Services, which adds a layer of trust and credibility not necessarily present with other cryptocurrencies. The adherence to such a regulatory institution is an important distinction, differentiating PAX from other cryptocurrencies which are typically characterized by their decentralization and lack of official regulation.

Furthermore, PAX, as an ERC20 token, is built on the Ethereum blockchain, a widely accepted and utilized platform. This enables PAX to take advantage of Ethereum's smart contracts, thus facilitating automatic and transparent transactions. In contrast, many other cryptocurrencies use their own independent blockchains and cannot directly take advantage of Ethereum's established infrastructure.

What makes it unique?

Markets & Price

Coin Airdrop

Paxos Standard Token (PAX) has not had any official airdrops in the past and does not have any planned for the future. PAX is a stablecoin directly backed by US dollars, and its distribution is primarily through buying and selling on cryptocurrency exchanges.

Circulation

  • Total Supply: 1,905,574,630 PAX (as of March 2, 2024)

  • Circulating Supply: 1,905,574,630 PAX (as of March 2, 2024)

How Does PAX Work?

PAX, short for Paxos Standard Token, operates as a stablecoin cryptocurrency. Its working model revolves around maintaining a stable value by pegging it directly to the US dollar. For every PAX token issued, there is an equivalent US dollar held in reserve by the Paxos Trust Company, the entity that issues PAX.

Operationally, PAX works within the Ethereum blockchain as an ERC20 token. The use of the Ethereum blockchain provides the advantages of smart contracts, which automatically execute when their conditions are met, thereby facilitating transparent and trustless transactions. The PAX token can be transferred between any two wallets on the Ethereum blockchain.

Another key component of PAX's working principle is its regulatory oversight. Paxos Trust Company, the issuer of PAX, is authorized and regulated by the New York State Department of Financial Services. Regular audits are conducted to ensure every PAX token is sufficiently backed by the equivalent in US Dollars.

It's also important to note that the PAX tokens can be redeemed for USD and vice versa, providing an element of flexibility.

How does it work?

Exchanges to Buy PAX

The Paxos Standard Token (PAX) is a well-recognized stablecoin that is listed on many major cryptocurrency exchanges around the world, each of which supports a variety of currency pairs and token pairs involving PAX. Here are ten exchanges providing support for PAX:

1. Binance: Binance supports numerous token pairs for PAX such as PAX/BTC, PAX/ETH, and PAX/BNB, among others.

2. Coinbase: Allows trading PAX against fiat currencies like USD, EUR, and GBP, along with cryptocurrencies such as BTC and ETH.

See this link for details on how to buy PAX:https://www.coinbase.com/en-gb/how-to-buy/paxos-standard

Exchanges to buy it

3. OKEX: Provides PAX trading pairs with several cryptocurrencies including BTC, ETH as well as USDT.

4. KuCoin: The exchange features PAX pairing with various altcoins like BTC, ETH, and also with their native KCS tokens.

5. Huobi: Huobi provides PAX pairs with a long list of cryptocurrencies including BTC, ETH, HT (Huobi Token), and more.

6. Coinlib: On Coinlib, users can exchange PAX with BTC, ETH, and other popular tokens.

See this link for details on how to buy PAX:https://coinlib.io/newsroom/guides/how-and-where-to-buy-paxos-standard-pax-an-easy-step-by-step-guide/

To buy Paxos Standard (PAX) on Coinlib, you would generally follow a similar process to purchasing any cryptocurrency on a trading platform. Here's a streamlined step-by-step guide tailored to acquiring PAX:

Step 1: Register on Coinlib

Begin by creating an account on Coinlib. Provide the necessary personal details, verify your email address, and complete any required KYC (Know Your Customer) procedures to enhance the security of your account and to comply with regulatory requirements.

Step 2: Deposit Funds

Once your account is set up, deposit funds into it. You can do this by navigating to the deposit section of your account and selecting your preferred method of deposit, such as a bank transfer or using a credit/debit card. Follow the platform's instructions to successfully deposit the currency you plan to trade for PAX.

Step 3: Find Paxos Standard (PAX)

After depositing funds, go to the trading section of Coinlib. Use the search function to locate Paxos Standard (PAX) by entering its name or ticker symbol. Select the correct PAX pair you wish to trade (e.g., PAX/USD or PAX/BTC).

Step 4: Purchase PAX

On the PAX trading page, decide whether you want to place a market order (buying PAX at the current market price) or a limit order (setting a price at which you want to buy PAX). Enter the amount of PAX you wish to buy or the amount of your deposited currency you want to spend. Review your transaction details and confirm your purchase to complete the acquisition of Paxos Standard.

7. Bithumb: One of the largest exchanges in South Korea, Bithumb offers PAX/KRW pair for trading.

8. Kraken: Kraken supports PAX trading with fiat currencies such as USD and EUR, as well as with cryptocurrencies like BTC and ETH.

9. HitBTC: HitBTC offers users the possibility to trade PAX against multiple cryptocurrencies including BTC, ETH, and USDT.

10. Poloniex: Poloniex supports PAX trading pairs, notably with BTC, ETH and USDT.

How to Store PAX?

Storing the Paxos Standard Token (PAX) involves the use of digital wallets, similar to how you would store other cryptocurrencies. As PAX is an ERC20 token based on the Ethereum blockchain, it can be stored in any wallet that supports this standard. There are several types of wallets available that can be used to store your PAX tokens.

1. Hardware Wallets: These wallets, such as the Ledger Nano S/X or Trezor, are considered the most secure type of wallet to store your digital assets because they keep the private keys offline and are immune to computer viruses.

2. Software Wallets: Available as mobile or desktop applications, software wallets offer convenience and ease of use. Some reputable software wallets that support PAX include MyEtherWallet, Trust Wallet, and MetaMask.

3. Online/Web-Based Wallets: These wallets are cloud-based and can be accessed from any computing device in any location. PAX can be stored in online wallets such as MyEtherWallet.

4. Paper Wallets: These are physical printouts of your public and private keys and can be used to store your PAX offline. They are secure as long as the paper itself is safe and the private key is not exposed.

Is It Safe?

When assessing the safety of Paxos Standard (PAX), several factors come into play:

  • Hardware Wallet Compatibility: The ability to store PAX in a hardware wallet significantly enhances its security. Hardware wallets keep your private keys offline, away from potential online vulnerabilities. If PAX is compatible with leading hardware wallets, it indicates a strong layer of security for users who opt for this storage method.

  • Exchange Security Compliance: The safety of PAX also depends on the security measures of the exchanges where it is traded. A secure exchange should adhere to industry-standard security protocols, including two-factor authentication, SSL encryption, and routine security audits. Ensuring that the exchange where PAX is traded meets these standards is crucial for the token's overall security.

  • Token Address Security: The security of the cryptographic addresses used for transferring PAX is vital. These addresses should ensure secure and verifiable transactions on the blockchain, leveraging encryption to protect against unauthorized access and tampering.

  • Regulatory Compliance: Paxos Standard is known for its regulatory compliance, being one of the first cryptocurrencies to be regulated by the New York State Department of Financial Services. This compliance provides an additional layer of security and credibility, ensuring that PAX adheres to strict financial and operational standards.

  • Audit and Transparency: The reserves backing PAX are regularly audited by independent third-party firms, ensuring that each token is fully backed by the equivalent in USD. This transparency and regular auditing process provide users with added confidence in the token's stability and security.

  • How To Earn PAX?

    The Paxos Standard Token (PAX) is a stablecoin, designed to maintain a stable value by being pegged 1:1 with the US Dollar.

    1. Interest-Earning Accounts: Some platforms offer interest on cryptocurrency deposits, including stablecoins like PAX. By depositing your PAX into one of these interest-bearing accounts, you can earn a return on your holdings, similar to a savings account but potentially at higher rates.

    2. Staking: If the platform supports PAX staking, you can commit your tokens to support network operations and earn rewards in return. While staking is more common with other types of cryptocurrencies, some services might offer innovative ways to earn through staking-like mechanisms for stablecoins.

    3. Trading: Engage in cryptocurrency trading where you buy PAX at a lower price and sell at a higher price. Given PAX's nature as a stablecoin, this might involve arbitrage opportunities across different exchanges or trading pairs.

    4. Payment for Services or Goods: If you're a merchant or service provider, you could accept PAX as payment. This method allows you to accumulate PAX, benefiting from its stability while expanding your payment options.

    5. Participating in DeFi Platforms: Utilize decentralized finance (DeFi) platforms that support PAX. You can lend your PAX or use it as collateral to earn interest or other forms of yield, participating in various DeFi protocols that offer earning mechanisms.

    How to earn it?

    Conclusion

    PAX, also known as Paxos Standard Token, is a type of stablecoin that is pegged 1:1 to the US dollar. Developed and launched by the Paxos Trust Company in 2018, PAX operates on the Ethereum blockchain as an ERC20 token.

    The stability of PAX in contrast to the typically volatile nature of cryptocurrencies can make it attractive to investors looking for a digital asset that is less subject to dramatic price fluctuations. Despite its relative newness in the cryptocurrency market, PAX has carved out a niche as a regulated and transparent stablecoin.

    However, since PAX maintains parity with the USD, it does not offer opportunities for significant growth or returns in the way that other speculative digital assets might. Its role is primarily to provide a stable digital asset within the cryptocurrency ecosystem. Overall, PAX's future development will likely continue to be influenced by the broader growth and acceptance of stablecoins and their role within the cryptocurrency market.

    FAQs

    Q: Is there potential for PAX to significantly appreciate in value?

    A: Since PAX is a stablecoin pegged to the US dollar, it does not offer substantial growth potential as its value is designed to remain stable, rather than appreciate significantly over time.

    Q: Where can I buy or trade PAX tokens?

    A: PAX tokens can be purchased or traded on various major cryptocurrency exchanges including Binance, Bitfinex, OKEX, and many others.

    Q: How does PAX maintain its stability?

    A: Stability in PAX's value is maintained by backing each token with an equivalent amount of US dollars held in reserve by the Paxos Trust Company.

    Q: Can PAX tokens be redeemed for USD?

    A: Yes, PAX tokens can be redeemed for US dollars through the Paxos Trust Company, thus maintaining its 1:1 peg with the USD.

    Q: What makes PAX different from other well-known cryptocurrencies?

    A: Unlike most other cryptocurrencies, PAX is a stablecoin regulated by a recognized financial authority (the New York State Department of Financial Services), and its value is tied to the US dollar, aiming to reduce volatility.

User Reviews

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FX1220277098
PAX platform - just a nightmare, and did not expect such from a cryptocurrency exchange. Too many bugs and freezes!
2024-03-05 06:38
7
1
Dazzling Dust
Pax Dollar was built with the goal of improving the entire financial ecosystem through creating a seamless global network. Here, all digital assets can be mobilized quickly with a high degree of flexibility and accessibility.
2023-09-09 16:00
6
0