Review on Paxos Standard by phuong cong
Stablecoin is reputable but needs to overcome some points to be used by more people
The stablecoin was licensed by the New York Treasury Department in 2015 and it is certified as a reputable and reliable company.
Paxos works in the fiduciary and trading of cryptocurrencies as well as commodities.
Its stablecoins include PAX, PAXG, and BUSD.
PAX token is a stable coin with the corresponding value of 1: 1 to USD.
Released in 2018, PAX runs on ETH's ERC20 blockchain platform.
PAX is scheduled to create a contract to launch on the ONT platform, but it has not released on this platform yet.
Users who want to own PAX can buy on exchanges or they deposit money in Paxos partner banks, Paxos will send back the corresponding amount of Pax token via smart contract.
Users can also convert Pax to USD via bank when needed.
Pax can store on many wallets, especially Blockchain wallets that support storing it.
Pros
- Prestigious and sponsored by the New York financial services department
- Having large capitalization, high liquidity listed on major exchanges
- It can be stored on popular wallets and especially it can be stored and exchanged on Blockchain wallets
- Users can switch back and forth between Pax and USD at partner banks with Paxos
Cons
- Pax has too little supply compared to USDT or USDC
- Pax only runs on ETH platform, so when the shipping fee on ETH increases, it is a disadvantage compared to other stablecoins.
- The derivatives of exchanges that do not use PAX
- Access is restricted to non-US users
