What is Paxos? The Paxos Standard Token (PAX) is directly tied to the US dollar in order to keep its price steady and consistent instead of highly volatile like most crypto assets. Let's take a closer look.
What is Paxos?
The Paxos Standard Token (PAX) is an ERC20 token that is fully backed by US dollars. There must be at least one US dollar in the Paxos bank accounts for each PAX that is traded. Like other stablecoins like the US Dollar Coin, PAX aims to bring together the advantages of a digital currency with the long-standing stability and reliability of the US dollar. Specifically, it may be sent instantly, at any time, and for practically nothing, across the internet, to anyone on the earth.
Like other Ethereum-based ERC20 tokens, PAX can be used in smart contracts as programmable currency and to interact with different dapps.
What Can You Do With PAX?
PAX can be utilized for trades, payments, and transfers between other crypto assets. Because it is a stablecoin, it is mainly used as a stable store of value in exchanges, which means that crypto traders will trade and hold onto PAX to alleviate volatility in their crypto portfolio.
What is Paxos? What Can You Do With PAX? - Hopefully, this article can help you to get some knowledge.
