Paxos Standard (PAX) Stablecoin Review
Best For
- Traders
- Financial Institutions
- Exchanges
- Investors
Paxos Standard (PAX) is a stablecoin pegged to the US Dollar. Issued by the Paxos Trust Company, PAX is fully backed 1:1 to the USD. All client funds are audited, regulated, and held in segregated FDIC insured bank accounts.
Paxos Standard Stablecoin - 2020 Comprehensive Review
Paxos Standard Stablecoin Overview
| Ticker | PAX |
|---|---|
| Current Price | $1.02 |
| 24H Volume | $67,248,862.09 |
| Market Cap | $248,728,312.00 |
| Circulating Supply | 244,951,954 |
| Market Rank | 181 |
| Collateral Type | Fiat-Backed |
| Base Currency | USD |
| Exchanges | Binance, Kucoin, Bittrex Global, Bitfinex, Gate.io, OKEx, Bitmax, Huobi Global, KyberSwap, Uniswap, HitBTC |
| Blockchains | Ethereum |
| Hardware Wallets | Ledger, Trezor |
| Deposit Insurance |  |
| Audit Frequency | Monthly |
| Minimum Purchase | 1000 |
| Minimum Redemption | 100 |
Paxos Standard (PAX) Exchanges
| Exchange | Rating | Price | Pairs | 24hr Volume |
|---|---|---|---|---|
| Binance | 8.5/10 | $1.01 | 9 | $42,893,618.81 |
| HitBTC | 3.5/10 | $1.02 | 4 | $1,560,467.36 |
| Huobi Global | 8/10 | $1.02 | 2 | $805,900.72 |
| OKEx | 7.5/10 | $1.01 | 2 | $760,633.34 |
| Kucoin | 7.5/10 | $1.03 | 4 | $391,027.80 |
| Bitfinex | 7/10 | $1.01 | 2 | $41,506.26 |
| Bittrex Global | 6.5/10 | $1.00 | 2 | $30,732.56 |
| Gate.io | 6.5/10 | $1.00 | 2 | $28,508.25 |
| Bitmax | 5/10 | $1.02 | 1 | $471.43 |
| KyberSwap | 7.5/10 | $1.01 | 1 | $0.06 |
| Uniswap | 7/10 | $0.00 | 0 | $0.00 |
Paxos Standard (PAX) Wallets
| Wallet | Rating | Type | Price |
|---|---|---|---|
| Ledger | 10/10 | Hardware | $69.99 |
| MetaMask | 8/10 | Browser Extension | $0.00 |
| Ledger Nano M | 7/10 | Mobile Application | $96.00 |
| Trezor | 9/10 | Hardware | $149.99 |
| MyEtherWallet | 9/10 | Web | $0.00 |
| MyCrypto | 9/10 | Web | $0.00 |
| TrustWallet | 9/10 | Mobile Application | $0.00 |
Paxos Standard Borrow Rates
| Platform | APR Rate | Collateral LTV | Loan Amounts |
|---|---|---|---|
| Celsius Network | 3.46% - 6.26% | 25% - 50% | $1,500 - $1,000,000 |
| Crypto.com | 8% | 50% - 65% | $1,000 - $100,000 |
Paxos Standard Interest Rates
| Platform | APY Rate | Lockup Terms | Deposit Amounts |
|---|---|---|---|
| Celsius Network | 11.55% | Flexible | $1 - $100,000 |
| Crypto.com | 6% - 10% | 3 Months | $25 - $1,000,000 |
| Nexo | 10% | Flexible | $1 - $2,000,000 |
Paxos Standard Stablecoin Alternatives
Pros and Cons
Pros
- ERC20 - PAX is issued entirely on the Ethereum blockchain. This enables easy personal wallet storage for users, transparency, and fast transaction speeds.
- Liquidity - PAX is listed on several major exchanges including Binance.
- Monthly Audits - Audits are performed monthly by the Withum accounting firm to ensure that PAX is fully collateralized at 1:1 by US dollars. These reports are then published on the Paxos Trust Company website for public viewing.
- Regulated & Compliant - Paxos Trust Company, LLC is regulated by the NYDFS (New York State Department Of Financial Services).
- Insured Customer Funds - Customer balances are held in segregated FDIC insured bank accounts located within the US.
Cons
- Centralized - PAX can be frozen, confiscated, or censored by authorities in the event that they believe any illegal activity has occurred or terms and conditions have been broken.
- Privacy - Trading PAX in large amounts on cryptocurrency exchanges will require KYC. In addition to this, any user looking to purchase or redeem PAX with fiat will be required to undergo KYC and submit personal identification documents.
Frequently Asked Questions
What is Paxos Standard Token (PAX)?
Is PAX safe?
Is PAX an ERC20 token?
What is PAX used for?
Where can I buy PAX?
Summary
PAX is a growing force in the stablecoin market trailing only Tether (USDT) and USD Coin (USDC) in market cap and trading volume. Liquidity is improving and Paxos Trust Company, LLC has done everything they can to appease financial regulators.
Paxos as a company has continued to innovate and forge partnerships in the space since its stablecoin launch in 2018. Binance (BUSD) and Huobi (HUSD) have selected Paxos to provide stablecoin infrastructure for their respective stablecoins. Paxos has also recently launched Pax Gold (PAXG) - a tradeable digital asset fully backed by gold.
Blockfer has rated PAX highly as an excellent option for both retail and institutional traders and investors. Strong leadership, full regulatory compliance, and innovative product rollouts have all contributed to the stablecoins success.
| Learn More | Best Features |
|---|---|
|
Legal & Regulation - Facts & Figures
| Legal Name | Paxos Technology Solutions, LLC |
|---|---|
| Incorporated Country | United States |
| Headquarters | New York, NY |
| Year Founded | 2012 |
| CEO | Charles Cascarilla |
| Total Employees | 51-200 |
| Regulators | New York State Department of Financial Services (NYDFS) |
| Links | Website, Crunchbase, Whitepaper, Source code, Twitter, Blog, LinkedIn |
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About The Author
Delton has been writing about blockchain finance & technology, decentralized applications, and crypto assets since 2017. His work has been published and featured by several independent news publications and blockchain projects.
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