Paxos uses Ontology blockchain to issue steyblecoin for $ 100 million

The issuer of the Stablecoin Paxos, in partnership with the Ontology platform, will release up to 100 million PAX tokens tied to the American dollar in a 1: 1 ratio, CoinDesk reports.

Stablecoins on the new blockchain will be launched next month. According to representatives of Ontology, these tokens will increase the efficiency of transactions to individuals and business structures.

Coin Paxos Standard (PAX) was released in September last year. At the moment it is an ERC20 Ethereum-standard token tied to the fiat dollar. Complying with the OEP-4 standard, the new version of PAX will wear the same ticker.

According to Ontology co-founder Andy Ji, Paxos will be responsible for identifying users and entering / withdrawing the US dollar. In this case, Ontology will release tokens on its blockchain.

“Launching PAX on the new blockchain will significantly accelerate the use of Ontology-based applications in real business ,” said Gee.

He also added that Paxos will facilitate the transition of traditional business to a “distributed format”.

Ontology stressed that, unlike Tether, Paxos conducts an open audit of its assets. At the same time, all the funds used for collateral are in accounts at banks insured by the Federal Deposit Insurance Corporation.

Currently, the PAX token capitalization is $ 138 million. The asset is on the 48th line of the CoinMarketCap rating.

Earlier, BlockchainJournal reported that Paxos intends to release a token provided with precious metals this year.

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