Compartir este artículo
'Up to 100 Million' Paxos Stablecoins to Be Issued on Ontology Blockchain
Ontology is to launch the Paxos Standard stablecoin, a regulated token backed by U.S. dollars, on its blockchain.
Por Yogita Khatri
Make us preferred on Google
Ontology is to launch the Paxos Standard (PAX) stablecoin, a cryptocurrency backed 1:1 with U.S. dollars, on its blockchain.
STORY CONTINUES BELOW
No te pierdas otra historia.Suscríbete al boletín de Crypto Daybook Americas hoy. Ver todos los boletines
The launch will make it easier for individuals and businesses using Ontology’s ONT token to transact in fiat-pegged tokens, Ontology announced Friday. The firm told CoinDesk that it plans to add up to 100 million PAX to Ontology's network, depending on demand.
Paxos Standard (PAX) is a regulated U.S. dollar-backed stablecoin and was launched last September. It is currently available only on the ethereum blockchain as an ERC-20 token, but now there will be a second option.
The new version of PAX would have the same ticker symbol and will be based on Ontology's OEP-4 token standard.
Ontology co-founder Andy Ji told CoinDesk that while PAXOS will still be the entity for conducting know-your-customer process and U.S. dollar deposit and withdrawal, it authorized Ontology to issue the PAX on its blockchain through the partnership.
He said:
“The launch of PAX on the Ontology blockchain will greatly accelerate real business applications on Ontology, create more success stories of traditional businesses shifting to distributed businesses, and provide enterprise partners and institutional investors with a regulated, reliable, and safe gateway to the world of digital assets.”
The announcement comes on the heels of the New York attorney general's allegation that the Bitfinex exchange, which shares management and owners with stablecoin issuer Tether, lost $850 million of corporate and client funds and subsequently used Tether's reserves to secretly cover the shortfall.
Ontology emphasized that unlike Tether, PAX ensures open auditing and all its deposits in U.S. dollars are kept in independent accounts at Federal Deposit Insurance Corp.-insured banks in the U.S.
Singapore-based Ontology Foundation launched its public blockchain network last June, aiming to provide a high volume of fast and cheap transactions.
Edit (09:40 UTC, April 29, 2019): This article has been amended to clarify that Ontology is behind the launch, not Paxos.
Paxos image via Shutterstock
Más para ti
‘Bitcoin to zero’ searches spike in the U.S., but the bottom signal is mixed
Google Trends data shows the term hit a record high in the U.S. this month, though global interest has fallen since peaking in August.
Lo que debes saber:
- U.S. searches for “bitcoin zero” on Google hit a record high in February as BTC slid toward $60,000 after hitting a peak in October.
- In the rest of the world, searches for the term peaked in August, suggesting fear is concentrated in the U.S. rather than worldwide.
- Similar U.S. search spikes in 2021 and 2022 coincided with local bottoms.
- Because Google Trends measures relative interest on a 0-to-100 scale amid a much larger bitcoin user base today, the latest U.S. spike signals elevated retail anxiety, but does not reliably guarantee a clean contrarian reversal.
Top Stories
