Paxos, a U.S. dollar-backed stablecoin has over the last three months staged outstanding performance. According to reports, this stablecoin ended up surpassing the $5 billion mark in terms of the transaction volumes.
The state of affairs
Reports shed light on PAX as a stable coin rooted in the Ethereum (ETH) blockchain. They move a step further to declare how the U.S. dollar backs up the stablecoin in question.
It was on September that the New York State Department of Financial Services (NYDFS) gave out a statement. The department outlined that it had finally resolved to give its approval to the stablecoin.
Paxos –the blockchain service provider usually issues out PAX, today gave out a comprehensive report. According to it, this coin has showcased outstanding performance. It has managed to support about $5,245,958,124.65 worth of transaction volumes which is rather impressive according to experts.
Paxos puts everything in the open pointing out to the market cap in this particular case. It says the market cap in this case has been about $174 million. The Trust company expresses its satisfaction with the turn of events saying it was impressive managing redeeming about $136 million.
A closer outlook
Paxos has all along relied upon the FDIC-insured U.S.-domiciled banks in the storage of dollar deposits of the various investors. This blockchain trust company has also expressed its willingness to incorporate all the monthly attestation reports.
To engage in this, it seeks to start off from the point in unveiled the token. Paxos in a recent statement expressed its stand in relation to PAX and the other stable coins. It terms it the second most widely traded stablecoin outlining that it stages strong competition to its competitor. The passage of time pulls along with major changes, one of them is the recent issuance of the fiat-backed stablecoins.
On the same day that PAX launched, WInklevoss twins joined the party through the unveiling of their ECR-20 compatible stablecoin. In October, OKEx which happens to be one of the biggest crypto exchanges by market cap made a special announcement. It was the unveiling of four stablecoins at once and these included TrueUSD and TrueUSD.