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Blockchain company Trust Paxos has launched a stablecoin backed by the United States after the approval of the governors of New York, according to a press release published on September 10
Supported 1: 1 by the dollar, the stablecoin based on the Ethereum blockchain, dubbed "Paxos Standard", was approved by the New York State Department of Financial Services (NYDFS), which will exercise regulatory oversight of issuing and trading of assets
. Paxos is a trust company and positions itself as a "trustee" and a depositary of clients' funds, "launching its new currency offering" more protection "for customer resources than its competitors.
According to today's press release , investors' dollar deposits will be held "in separate accounts with several FDIC-insured banks domiciled in the United States." In addition, the press release explains:
"When Paxos Standard tokens are outstanding, the corresponding dollars are held in reserve. At the time of reimbursement for dollars, Standard Paxos tokens are immediately destroyed. Tokens are in circulation only when the corresponding dollars are in custody. "
Paxos co-founder and CEO, Charles Cascarilla, says the new asset" improves the usefulness of money "by fusing the stability and robust regulatory oversight of traditional fiat currencies with the promise of crypto to create flows without attrition of digital value
According to the press release, investors using the itBit exchange or OTC desk will be able to redeem their cryptographic holdings for the Paxos standard "instantly" – be listed on other markets and will exchange the symbol PAX.
Today also saw the launch of the stablecoin approved by Winklevoss Twins, approved by the governor of New York, approved by the US dollar, called Gemini dollar, their details: the Gemini dollar is issued by a trust company, approved by NYDFS, supported 1: 1 by the dollar and compatible with ECR-20, their goal was the fusion of open, 24-hour digital currency streams ntralized with the "trust and regulation" of the traditional financial sector.
Both Paxos and Gemini claim that their coins are a "first world" for regulated cryptoassets.
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