Blockchain Platform Ontology To Issue Regulated USD Stablecoin PAXbr>
Based in New York, Paxos is a financial technology company offering blockchain solutions for global financial institutions. Last year, the company created an ethereum blockchain-based stablecoin, called Paxos Standard (PAX), that is backed 1:1 with the US dollar. PAX was approved for issuance by the New York State Department of Financial Services (NYDFS).
Ontology, a new high-performance public blockchain project and a distributed trust collaboration platform, said in a press release that it is working to explore application scenarios on Decentralized Finance (Defi), another Ontology partner project, beyond exchanges and are expected to launch the PAX token on Ontology next month. The token (PAXO) will be based on Ontology’s OEP-4 token standard and continue to use “PAX” as its ticker.
According to Ontology, the OEP-4 token standard-based PAXO token will enable atomic swaps between the Ontology-based main blockchain and blockchain network and make it easier for individuals and institutional partners to do business pegged to fiat in the Ontology ecosystem.
“The launch of PAX on the Ontology blockchain will greatly accelerate real business applications on Ontology, create more success stories of traditional businesses shifting to distributed businesses, and provide enterprise partners and institutional investors with a regulated, reliable, and safe gateway to the world of digital assets,” said Andy Ji, Co-Founder of Ontology.
Rich Teo, Co-Founder and Head of Asia for Paxos Trust, said that they believe that the addition of their stablecoin on the Ontology blockchain the will offer more business application scenarios for Ontology.
“This news shows how PAX can continue to meet the ever-changing needs of digital asset communities and Paxos’ dedication to advancing innovation in virtual currencies,” Teo said.