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Crypto wallet provider Blockchain has announced its partnership with stablecoin issuer Paxos and support for Paxos Standard Token (PAX).
Today, we're excited to announce a new way to store value in your wallet with the addition of USD Pax ???? a crypto pegged 1:1 to the US dollar. You can now store, send & exchange a digital dollar without relying on banks or leaving your wallet. More here: https://t.co/VnGKkN2KFI pic.twitter.com/2akIgpfbSm
— Blockchain (@blockchain) May 1, 2019
In September 2018, the New York State Department of Financial Services (NYDFS) authorized Paxos Trust Company to offer stablecoin, pegged to the U. S. dollar. The company announced “Paxos Standard” (or PAX), a stablecoin fully collateralized 1:1 by the U.S. dollar.
In an online post dated May 01, Blockchain said:
“The digital dollars, listed in the Blockchain Wallet as USD PAX, are powered by Paxos Standard, one of the most actively traded stablecoins and among the first to be regulated by the New York State Department of Financial Services.
“They are pegged 1:1 to USD, eliminating price volatility and giving users an entirely new way to store value, de-risk in a moving market, manage inflation of their local currency, or settle in a fiat currency outside of traditional banking hours.”
PAX is the first stablecoin that has been added to the Blockchain wallet.
Last month, Paxos teamed up with Ontology to issue up to 100 million of its stablecoin, PAX token, on the Ontology blockchain.
