The Singapore based blockchain company Ontology has disclosed its plan to launch Paxos Standard (PAX) on its blockchain. PAX is a Stablecoin backed by USD. They are planning for the launch of May as per the reports surfaced on 27th of April.
ONT will get benefits of this launch on both market value and in case of price stability. The latest start will be helpful for the individuals and businesses using the token. The new launch will provide ONT to explore Defi scenario.
The token will continue to use PAX as ticker as it is based on OEP4 token standard of Ontology. PAX will make atomic swap between the main blockchain and in the network as well, and this feature will make it easier to do business with the fiat pegged ontology network.
After its official release, the PAXOS will release millions of tokens on the Ontology network. PAX is registered with NYDFS while Money Service Business regulates Tether and other Stablecoins. PAX was launched in 2018 in September it is the only USD Stablecoin that ensures open auditing and asset safety. PAX is supported by many exchanges all over the crypto world making it a digital dollar in real sense. Unlike Tether, PAX always ensured that its value is equal to $1.
Every month PAX is audited by top US audit firm to ensure the amount of PAX in circulation is consistent with USD. The co-founder of Ontology has said the launch of PAX on the blockchain of Ontology will accelerate the actual business application of the blockchain and will create many more success stories where the traditional business will find its place in the distributed industry. It will also provide institutional partners and enterprises to enter into the world of safe digital assets.
There are a few facts that make PAX complete different from other Stablecoins. They are: it does not need any transaction, redemption and conversion fees. The entire account of PAX is maintained by omnibus cash account at FDIC an insured US bank.
In the world of cryptocurrencies, Stablecoin refers to a digital token which has less volatility and is supported by most stable currencies of the world like the US Dollar and Euro. These are the digital currencies that have stable values as well. These are some of the facts that make Stablecoin more bankable and is more appalling to the institutional investors to invest in it as it has chances to bring more liquidity.