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Paxos Dollar (PAX) [USDP]
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What is PAX?
The Paxos Standard (PAX) has the mission to combine US dollar stability with the efficiency of blockchain technology. It has the objective to faciliate the speedy transfer of money, and claims to be a 'digital dollar'. PAX's team claims that PAX is stable and is backed 1:1 for the dollar, with the funds in the Paxos Trust Company. PAX uses the ERC20 protocol. PAX was established in the light of the Tether controversy, where the leading stablecoin has come under scrutiny for 'artificially creating' Tether.
The PAX team aims to make its holdings as transparent as possible and uses auditors to regularly verify its reserves.