1 Level
154 Review
169 Karma
Review on Paxos Standard by Mr Benji
Stable coin
- PAX is a token that is secured one-to-one by USD deposits and available via Paxos. PAX is available one-to-one in exchange for USD and exchangeable one-to-one for USD. After redemption, PAX tokens are immediately removed from inventory; PAX only exist when the corresponding dollars are in the project account.
- As a trust company organized in accordance with New York's state banking law and regulated by the Financial Services Department of the State of New York, Paxos operates based on the principles of the highest standard. Unlike a bank that uses customer funds for its own benefits and funding, the trust company acts as a trustee that handles customer deposits and therefore always maintains client funds completely separated. All deposits in dollars are held in US banks insured by FDIC or secured by US Treasury bonds, and customer dollars are treated as customer property. The Paxos company also passes through regular audits carried out by renowned companies.
Pros
- Getting bigger exposure lately
- On major exchanges
- Audits
Cons
- Not as big as tether still
