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Dorothy Jean Chang, vice president of marketing and communications for Paxos, announced in a tweet on Monday that in the month since the company rolled out PAX on Sept. 10, it had issued $36 million-worth of the stablecoin in exchange for U.S. dollar deposits.
“And now… we are over $50M already,” the spokesperson added, hinting more than $14 million-worth of PAX could have been issued in just the past several days.
CoinDesk reported last month that Paxos launched PAX as one of the first stablecoins that was approved and backed by regulators, namely, the New York Department of Financial Services, in Paxos’ case.
In addition, Withum, an independent auditing firm that inspects Paxos’ U.S dollar reserve on a monthly basis, released an audit report on Sept. 28, which indicated that the firm held about $14 million, backing the roughly 14 million PAX it had issued.
Paxos said in an announcement on Monday that the growth so far has been driven by adoption by several larger cryptocurrency exchanges such as Binance and OKEx, which announced their moves to list PAX for trading on their platforms.
The news also comes at a time when the cryptocurrency market has seen controversy surrounding USDT – the U.S. dollar-pegged crypto launched by Tether – which tanked to its 18-month low on Monday to around $0.95, as CoinDesk reported.
And at one point on the same day, Binance, the world’s largest trading platform by volume, halted USDT withdrawals during what it called a period of heightened activity.
U.S. dollar image via Shutterstock