In line with a recent official ‘press-release‘ published, enterprise blockchain platform Ontology [ONT] is thinking to launch a new version of the regulated USD-backed ‘stablecoin‘ namely ‘Paxos Standard’ [PAX] on its own ‘blockchain‘.
As per the announcement, the new token [PAXO] would be supported on Ontology’s OEP-4 token standard, that would permit automated atomic swaps between the Ontology-based main blockchain and alternative blockchains. This feature reportedly aims to make it easier for the institutions and people to do business in standard fiat terms within the Ontology ecosystem.
The firm claims that PAX “is the primary regulated USD stablecoin that ensures open auditing, asset safety, and is supported by several of exchanges.” All the PAX/USD reserves are ‘reportedly‘ held in independent accounts of FDIC – insured banks registered within the U. S.
Those options and features, in line with the press-release, make PAX ‘a stable “digital dollar” in every sense of the terms, in contrast to Tether [USDT], that even can’t guarantee its token is always worth of price $1 USD.”
As ‘reported‘ earlier this month, stablecoin operator Tether [USDT] has recently responded to the allegations that its funds were employed to cover an $850 Mln losses at an another firm namely Bitfinex exchange. The statement discharged by the firm claims that court filings by the New York Attorney General’s office are “riddled with false/incorrect assertions.”
As per ‘CoinMarketCap‘, Ontology [ONT] is presently ranked as the 20th largest cryptocurrency by total market cap.
At the reporting time, Ontology [ONT] coin is presently trading at a price around ‘$1.07 USD‘, which is less than 7.74%, compared to yesterday.