Review on Paxos Standard by francis fernandez
Paxos standard: a stable coin that is here to stay in the finacial sytem
Paxos standard (PAX) is a digital currency whose maximum issue is 249,951,954 PAX and is approximately 95% in circulation in the market.
The main characteristic of this cryptocurrency is its value peg to the price of the US dollar; which automatically converts it into a stable currency. Hence, its operation is regulated in terms of some services by the New York Department of Financial Services.
The PAX token operates under the Ethereum blockchain and due to its parity with the US dollar, it serves to transfer crypto assets quickly and reliably to and from anywhere on the planet.
Its main attraction, without a doubt, is its exchange rate stability since it does not run the risk of suffering volatility in its value as it happens with other cryptocurrencies on the market. This places it in a place of preference for investors and traders.
Regarding exchange operations; PAX can be converted to networks like Binance to trade with other digital assets on the market.
This platform is supported by large partners in the crypto market spanning popular wallets, more than 150 exchanges and OTC offices.
The use of PAX allows its users multiple advantages and utilities, the most important of which are:
* Transfer of cryptocurrencies and dollars worldwide instantly.
* Payments in dollars and PAX in all stores in the world.
* Allows instant currency conversion from cryptocurrency to FIAT dollar currency and vice versa.
* It is an auditable and open access platform.
* It has the support of an official financial entity in the United States that supervises its operation in addition to monitoring its community.
Thanks to its many qualities, PAX is forecast to be one of the top stablecoins in the industry despite its recent appearance on the market.
Pros
- It serves as a means of payment as PAX digital currency and as FIAT fiat currency in dollars
- It is accepted worldwide in many businesses.
- It allows the conversion to dollar instantly and without commissions.
- It is a stable value cryptocurrency
- It allows you to send and receive money quickly and safely in PAX or in US dollars.
Cons
- There are no disadvantages in its use.
