Based on a recent announcement from Binance, the global crypto exchange has finalized its plans to add Paxos Standard Token (PAX) as a base currency in its platform’s new Combined Stablecoin Market— USDⓈ
Binance to Add Six New PAX Based Trading Pairs
According to the report from Binance, it will be adding six pairs featuring the PAX token. In the same report, Binance made it known that it will be delisting all other pairs featuring the PAX token, save the newly added six.
Excerpt from the announcement reads that:
“The existing PAX/BNB, PAX/BTC, PAX/ETH trading pairs will be removed and delisted at 2018/11/30 1:00 PM (UTC). All existing orders in each order book will also be cancelled at this time.”
For the new pairs to be added, Binance made it known that the following tokens will available for trading on the new market come November 29th at 1 pm UTC.
PAX is a stablecoin created by Paxos. According to the crypto startup, PAX a 1:1 USD pegged stablecoin is going to help the firm “modernize finance by digitizing assets to solve existing settlement risks associated with traditional methods.” The firm has also made it clear that it is the first blockchain focused regulated Trust Company.
According to information sourced from Paxos official webpage, the PAX stablecoin is backed 1:1 by US dollars held in FDIC-insured US banks.
In order to avoid pitfalls top stablecoins like Tether (USDT) found itself recently, the company has ensured that it does a constant auditing of its reserve. The function of this to make sure the real-time bank balance matches the current market supply.
Paxos’ co-founder and CEO, Charles Cascarilla, has also commented on the listing. He stated that:
“Demand for PAX has grown very quickly since we launched just over two months ago, making it clear that traders want a stable, regulated and transparent stablecoin.
Binance is responding to this demand by giving traders the ease of PAX-denominated trading. We believe this will help bring greater confidence and stability to crypto markets at large.”