Bitcoin
$ 58,062
Ethereum
$ 2,058.1
Litecoin
$ 222.81
okex ads

Paxos and Binance Stablecoins Start Minting to Boost their market Presence

PAX Treasury has just issued more of its stablecoins. Both Binance USD (BUSD) and Paxos Standard (PAX) were reported minted.

Join the fastest growing network on Telegram

PAX has kept a low-profile in recent memory but it seems that its Treasury is busy minting more of its stablecoins. This could be a sign the stablecoins are looking to boost their market presence in 2020.

Days ago, Whale Alert reported that the PAX Treasury minted another 1,096,894 Paxos Standard (PAX). Interestingly, though, PAX Treasury also minted another one of its supported stablecoins at the same time.

5,799,980 Binance USD (BUSD) was created at the same time the new PAX was issued, also reported by Whale Alert (@whale_alert).

PAX and Binance

In September, Paxos announced that Binance USD would be convertible 1:1 for either U.S. dollars or PAX. Although Binance’s old stablecoin still has a relatively low market capitalization compared to others, this is a rare minting from a third-party and a first for BUSD. The only other time PAX Treasury has minted BUSD was in September of last year when it issued around $6M of the Binance stablecoin.

PAX is currently the fourth-largest stablecoin in the entire cryptocurrency space, with a market capitalization of around $233M. However, it has often been known as the “forgotten stablecoin” due to its low usage.

In October, Binance even went as far as delisting some PAX-based trading pairs due to extremely low volume. Currently, PAX trading volume is double its actual market capitalization, however, but it seems to be a result of potential wash trading on no-name exchanges.

PAX Treasury on a Minting Spree

The PAX Treasury has definitely been busier as of late, despite not minting close to any PAX for much of last year. In December, It was reported that around $8M of PAX was minted in a surprise move. Today’s most-recent minting could be a sign that the stablecoin is looking to up its profile in 2020 with the help of Binance USD (BUSD).

Binance has thus far not commented on the fresh BUSD entering the market, but PAX and Binance seem to be deepening their relationship.

The PAX Vision

PAX is a digital dollar. Like other crypto assets, it can move instantaneously, anywhere in the world, any time of any day, and it’s programmable. Unlike other crypto assets, PAX is stable. It’s a piece of Paxos future vision for a frictionless, global economy, where all assets can move anywhere instantaneously, 24/7.

What PAX Can Do

The crypto-asset space is early in maturation, and initial use cases for PAX will be distinct from future use cases. Today, Paxos Standard can be used to limit exposure to crypto-asset volatility, to remove cross-border transaction fees and to move between crypto-assets with ease or as payment for other blockchain-based assets.

 In the future, Paxos Standard can be used for consumer payments, offering a stable store of value for those outside the United States that face currencies with unpredictable volatility.

PAX on the Ethereum Blockchain

Ethereum is a decentralized blockchain-based ledger that supports smart contracts, and is the most widely-used digital-asset platform. Paxos Standard follows the ERC-20 protocol, which is a standard for smart contracts on the Ethereum blockchain. The ERC-20 standard specifies a set of standard functions to manage transactions and track account balances.

Related Posts

Leave a Reply

Newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

Blockchain-Based Solution For Security And Scalability For Any Business
April 9, 2021By
Pakistan’s central bank exploring its own digital coin: Reza Baqir
April 9, 2021By
Haste launches Player Cards, NFTs with utility
April 9, 2021By

Advertisement

Video Posts

In
Blockchain-Based Solution For Security And Scalability For Any Business
April 9, 20210
In
Tech Adoption For Small Business
April 6, 20210

Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin58,062 0.20 % 0.49 % 1.26 %
Ethereum2,058.1 0.15 % 0.73 % 4.45 %
Binance Coin436.67 0.46 % 5.15 % 30.03 %
Tether1.000 0.03 % 0.09 % 0.07 %
Polkadot43.88 0.58 % 0.43 % 36.39 %
Cardano1.200 0.28 % 1.53 % 1.34 %
XRP1.010 2.13 % 3.63 % 77.72 %
Uniswap29.64 0.38 % 0.41 % 3.24 %
Litecoin222.81 0.46 % 1.14 % 9.90 %
Chainlink31.61 0.31 % 2.97 % 4.96 %