PAX Stablecoin Exceeds $5 Billion in Transactions in First 3 Months

[Nikko]

U.S. dollar-backed stablecoin Paxos Standard (PAX) has exceeded $5 billion worth of transaction volumes, according to a press release shared with Cointelegraph Dec. 13.
As reported, PAX is an Ethereum (ETH) blockchain-based stablecoin, backed 1:1 by the U.S. dollar, which sealed regulatory approval from the New York State Department of Financial Services (NYDFS) in September.
According to Paxos — the blockchain trust company that issues PAX — the coin has as of today has been used in $5,245,958,124.65 worth of transaction volumes, with a market cap of over $174 million (as of press time, slightly down to $159.5), of which the trust company has redeemed “over $136 million.”
Paxos, which holds its investors’ dollar deposits in FDIC-insured U.S.-domiciled banks, has also included monthly attestation reports for the months since the token’s launch — September, October, November 2018 — as part of its press release.
With Paxos claiming PAX is the “second most widely traded stablecoin with three times the 24-hour trading volume of its next closest competitor,” the token is indeed vying with several other newly-issued fiat-backed stablecoins.

Readmore: https://cointelegraph.com/news/pax-stablecoin-exceeds-5-billion-in-transactions-in-first-3-months