In line with a recent a press released, USD-backed stablecoin PAX [Paxos Standard] has exceeded $5 Bln worth transactional volumes.
According to the press release, PAX is an Ethereum [ETH] based blockchain stablecoin, backed 1:1 in ratio of USD, that sealed regulative approval from NYDFS [New York State Department Of Financial Services], earlier in the month of Sept. this year.
In line with Paxos — the blockchain trust firm that issues PAX — the coin has has been utilized in $5,245,958,124.65 value of transactional volumes, with a market cap of over $174.2 Mln, of that the trust firm has saved “over $136 Mln.”
Paxos, that holds its investors’ USD deposits in FDIC-insured U.S.-domiciled banks, has conjointly enclosed monthly attestation reports for the months since the token’s launch — ‘Sept., Oct., Nov. 2018 — as a part of its official press release.
With Paxos claiming PAX is among the “second most majorly listed stablecoin with 3 times the 24-hour mercantilism volume of its next nearest contender,” the token is so vying with other newly-issued fiat-backed stablecoins.
The day PAX was launched, the WInklevoss twins ‘revealed‘ their own own New York regulators approved, USD backed, ECR-20 based stablecoin, the GUSD [Gemini Dollar]. In October, major cryptocurrency exchange by market cap OKEx proclaimed it’d be listing four stablecoins, which thereby included GUSD, TUSD and USDC.
Paxos’ news confirms a Diar report published earlier on 10th Dec., that indicated that the adoption of stablecoins is increasing: the same four major stablecoins have truly all broken the $5 Bln benchmark in on-chain transactions within just three-month time period, with Nov. seeing a hefty more than a thousand percent surge in on-chain transactions compared to September.
USDT [Stablecoin Tether] – ‘The Controversial Coin‘- still remains the stablecoin with the highest market capitalization [around $1.8 Bln] as at the reporting time, presently graded fifth largest cryptocurrency as per market cap.
Just yesterday, a ‘report‘ citing “multiple individuals with direct information of the situation,” indicated that major USD based stablecoin project Basis — that has the backing of names like Bain Capital Ventures and Andreessen Horowitz — would be closing their operations and returning most of its funds back to the investors.