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Detailed Description and Rate of Paxos Standard Cryptocurrency (PAX)

The recent collapse of USDT from Tether made the entire crypto community frantically search for analogs to the largest stablecoin in order to save their savings. For Tether’s competitors, this moment was truly a breakthrough: the influx of money was so strong that stablecoins prices soared by more than 10% and trading volumes increased dozens of times.

But the most important outcome of Tether’s collapse is the rapid growth of awareness in the cryptocurrency community that there are many other stablecoins on the market that are superior to USDT in most parameters.Even though Tether has almost recovered to normal values, users are in no hurry to switch to it again from other stablecoins. A comparison of trading volumes before and after the decline of USDT shows this.

Golden times for stablecoins are just beginning, so it is necessary for the whole cryptocurrency community to have comprehensive information about the developing part of the market. We’ve already taken a detailed look at stablecoins like Gemini’s GUSD, Circle’s USDC and TrueUSD’s TUSD. Now it’s time to look at another interesting project — Paxos Standard Token (PAX). The PAX coin chart has experienced ups and downs, but the project definitely has a future. 

PAX token review — history of creation 

In 2012, a blockchain-based trust, Paxos Trust Company, was registered in the United States and licensed by the SEC. Later, this trust created a blockchain platform for secure and fast cash payments. 

This platform combines the legal ability to move funds and assets with distributed ledger technology to make payments quickly and securely. The combination of a regulated trust and blockchain generates a reliable and convenient payment platform that removes any risk in remittances.

In 2020, the company decided to delve deeper into blockchain technology and released its own stable token based on the Paxos platform, PAX. Today we have an optimistic PAX crypto price prediction. 

PAX token review — Paxos Standard Token cryptocurrency technology

PAX cryptocurrency is built on Ethereum technology; it uses all the advantages of the blockchain, such as stability and decentralized accounting. The Paxos platform itself was developed as a payment system and can be integratedinto any scheme. PAX, as a project token, is a tool for fast and reliable transactions.

As the most efficient alternative to U.S. local currency, PAX is a flexible system for instant cash transactions. Unlike its competitors and predecessors, the Paxos platform acts as a trustee of its customers’ funds and can provide the highest degree of protection.

The developers state that stablecoin was created for trading on the Paxos platform, but this does not negate the possibility of trading the digital asset on exchanges. So, the Paxos project is a hybrid of regulated trust and distributed registry DLT, which allows minimizing risks for financial transactions. The platform offers the following:

Regulated trust status for asset movements (both cryptocurrency and fiat);

Secure and instantaneous processing of transactions on blockchain technology;

Ability to integrate into any system while maintaining protection against settlement risks.

PAX crypto review — what tasks does Stablecoin solve?

  • Instant transfer of assets with simultaneous conversion of cryptocurrency into fiat and vice versa;
  • Reducing the number of counterparties and the associated risk factors;
  • Storage of digital assets in PAX to reduce volatility;
  • Settlement of digital asset transactions in dollar terms;
  • Simplified transition between digital assets and low fees;
  • Transactions independent of bank business hours;
  • More efficient transactions internationally;
  • Getting a dedicated manager account with a $100K minimum purchase.
  • Also included margin improvements with lower PAX crypto price and client asset preservation on every transaction.

The project’s technology is simplified, automated, free confirmations that can reduce settlement risk and expand asset trading opportunities. For these trades, regardless of whether the counterparty uses Paxos or not, the client receives an automatic confirmation in the language of their system, integrated into a simple dashboard.

PAX coin price prediction

Stablecoin is very young, it’s too early to talk about its prospects, but the project itself, which developed it, has been on the cryptocurrency market for 6 years already. The team can list the advantages of its token endlessly; but in principle, the idea is not new. But such serious support from a powerful financial institution does matter.

It’s too early to make a PAX coin price prediction for 2030. Will Paxos Standard Token Tether replace it? It is unlikely, they have different tasks and realization methods. Clients can be attracted by the absence of commissions and transparency secured by regular audits, but remember that Paxos Standard is completely centralized, the issuer can freeze its tokens at any time. 

And then there is such strict verification. That’s the question — will people, who perceive blockchain and the crypto world as a decentralized sector, want to provide their personal data and photos. So we have to choose — stability and reliability or anonymity.

In any case, the project is expanding its client base quite rapidly. But as for the prospects and forecasts, the leading experts are not very eager to take them regarding Paxos Standard Token. Where to buy PAX crypto? You can do it on any exchange. 

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