PAX - Paxos Standard Price, Charts, All-Time High, Volume & Markets - In USD, EUR, CNY etc. | Nomics
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Quote Currency:

USD

Paxos Standard

PAX Price:

$1.0005
0.08%
Market Cap
$237.64M
0.45%
Volume
$203.78M
6.66%
Transp. Vol.
$5.70M3%
-8.54%
Transparency GradeA gradeA grade(Transparent)
Circulating Supply237,515,359
Max SupplyNone

Token Summary

Market Cap
$237.64M
0.45%
Volume
$203.78M
6.66%
Transp. Vol.
$5.70M3%-8.54%
Transparency GradeA gradeA grade(Transparent)
Circulating Supply237,515,359
Max SupplyNone

Paxos Standard (PAX) is a stablecoin and calls itself “the world's first regulated crypto asset.” The Paxos Standard token is issued by the Paxos Trust Company and is fully collateralized by the US dollar at a 1:1 ratio. The dollar reserves are held in segregated accounts at multiple FDIC-insured banks located throughout the United States.

Paxos was co-founded by Charles Cascarilla (CEO) and Rich Teo (CEO of itBit Asia) in 2012. Before Paxos, Cascarilla spent 15 years working in traditional finance as a financial analyst, portfolio manager, and partner at venture funds and institutional asset management funds. Similarly to Cascarilla, Teo worked in traditional finance as a financial analyst and senior analyst before cofounding Paxos.

In 2012, Paxos launched a cryptocurrency exchange called itBit. Three years later (May 2015), the New York State Department of Financial Services (NYSDFS) granted Paxos a trust company charter that established Paxos as the first regulated financial institution to offer crypto products and services in America. In September of 2018, Paxos launched the Paxos Standard stablecoin on the Ethereum blockchain following the ERC-20 token standard. Anyone with an Ethereum wallet can send and receive Paxos Standard tokens.

As a Trust company, Paxos is a fiduciary and qualified custodian of customer funds which means they have a legal obligation to act in the best interest of their users. The dollar deposits, which are held in segregated accounts at multiple U.S.-domiciled banks, are audited by Withum, a nationally top-ranking auditing firm. Withum independently verifies that the entire supply of Paxos Standard tokens is consistent with the US dollars in the reserve accounts managed by Paxos. Withum generates monthly attestation reports which are published on the Paxos website.

The Paxos Standard smart contract has been audited by smart contract auditors Nomic Labs (no relationship with Nomics.com) and ChainSecurity.

In addition to its function as a stablecoin, PAX also functions as a utility token giving itBit exchange users the ability to withdraw other crypto assets (e.g. Bitcoin) to PAX immediately and without fees.

When Paxos Standard tokens are in circulation, the corresponding dollars are held in reserve. When PAX is redeemed for US dollars, Paxos Standard tokens are immediately destroyed via the smart contract. Tokens are only in circulation when the corresponding US dollars are in custody.

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Paxos Standard Statistics

The Paxos Standard price is $1.0005, which is up <1% over the last 24 hours. Paxos Standard's market cap is $237.64M. 24 hour PAX volume is $203.78M. It has a market cap rank of 34 with a circulating supply of 237,515,359. Paxos Standard is traded on exchanges. Paxos Standard had an all-time high of $1.0206 about 1 year ago. Over the last 24 hours, Paxos Standard has had 3% transparent volume.

Price$1.0005
Price Change
$0.00083504 (0.08%)
All-Time High$1.0206
Date of ATH10/15/2018
Days Since ATH422
% of ATH98.03%
Price vs ATH
Market Cap$237.64M
Mkt Cap Change
$1.05M$1,054,660 (0.45%)
Mkt Cap Rank34
Mkt Dominance0%
Mkt Dominance
Volume$203.78M$203,784,373
Vol. Change
$12.72M$12,724,659 (6.66%)
Exchange VolumeUnknown
Transparent Volume3%
Transparent Volume (Δ)
-8.54%
Transparent Volume
A - 3%
B - <1%
C - 39%
D - 2%
? - 56%

Paxos Standard Information