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Paxos shows promise: Over $50 million PAX issued since launch
Paxos, a blockchain and cryptocurrency startup, has issued over $50 million Paxos Standard (PAX) stablecoin, as announced by Dorothy Jean Chang - vice president of marketing and communications for Paxos.This announcement comes amid the stablecoin Tether's [USDT] downfall in the crypto market. Tether, the eighth largest stablecoin in the world, has lost its peg and slipped by 5% on Monday. The incident unleashed a flurry of concerns within the community regarding the US dollar cash reserves that supposedly back Tether. Tether Ltd, the company behind the stablecoin, has been blamed for not revealing proof of their cash reserves for Tether tokens. Paxos, on the other hand, is audited by an independent auditing form, Withum. The firm published an audit on September 28, which indicated that the company held about $14 million backing roughly 14 million PAX tokens issued. The blockchain startup originally founded in 2012, rebranded from itBit, a Bitcoin exchange. The company, which earlier specialized in blockchain services, later shifted its focus to cryptocurrencies. The company is known to hold a trust company charter in the state of New York, which allows it to enjoy many of the same privileges as a bank. On Monday, the company announced that PAX has achieved the fastest and widest institutional adoption of any digital asset. The coin is now supported by 20 global exchanges, including Binance and OKEx, and OTC desks, all within a month since its launch. “We’re overwhelmed by the positive response from around the globe and are thrilled to see Paxos Standard quickly become the stablecoin of choice by active crypto traders. We look forward to seeing even greater adoption of PAX as the industry sees the benefit of a regulated, dollar-denominated asset that can settle trades instantaneously,” said Paxos CEO Charles Cascarilla.We *just* announced 2 hrs ago that @PaxosGlobal had issued $36M a month after launch. And now… we are over $50M already. Demand for $PAX is accelerating faster than I can tweet up with. https://t.co/DfOwjFlk4i
— Dorothy Jean Chang (@dj) October 16, 2018
