[ad_1]
Stablecoin's issuer, Paxos, will issue next month up to 100 million of its PAX tokens, indexed 1: 1 on the US dollar, on the Ontology blockchain network.
This launch will make it easier for individuals and businesses using ontology toon tokens to process fiat tokens, ontology said Friday.
Paxos Standard (PAX) is a regulated Stablecoin, supported by a US dollar, was launched last September. It is currently only available on the Ethereum blockchain as an ERC-20 token, but there will now be a second option.
The new version of PAX would have the same symbol and follow Ontology's OEP-4 token standard.
Andy Ji, co-founder of Ontology, said:
"The launch of PAX on the ontology blockchain will dramatically accelerate real-world ontology business applications, create more success stories from traditional businesses moving to distributed businesses and provide partners with companies and institutional investors a regulated, reliable and secure gateway to the world. digital badets. "
This announcement follows the Attorney General of New York's allegation that the Bitfinex Stock Exchange, which shares the principals and owners of Stablecoin issuer Tether, lost $ 850 million in corporate and client funds and then used the Tether reserves to cover the shortfall.
Ontology pointed out that, unlike Tether, PAX provides an open audit and that all of its US dollar deposits are held in independent accounts with banks insured by the Federal Deposit Insurance Corp. in the USA.
Ontology based in Shanghai launched its public blockchain network last June, aiming to provide a high volume of fast and cheap transactions.
Picture of Paxos via Shutterstock
Source link
