Paxos Standard To Be A Base Token on Binance. Binance is the largest exchange in the world by volume and users. As Nvestweekly reported a couple of days ago, Binance is in the process of creating a combined stablecoin market. They’re calling USDⓈ, and within that market Paxos Standard is now to be a base token.
PAX has been only trading against USDT in the market. But according to a press release, several other pairs will soon be added to the exchange. When trading commences, PAX will have six trading pairs listed on Binance’s USDⓈ Markets against BNB, BTC, ETH, XRP, EOS and XLM.
USDT is still by far the most used stablecoin on Binance. But it seems they are testing the potential of other tokens. The situation prior to the addition of the above-named pairs was that the user would have to convert PAX to USDT. This was in order to trade on most of the pairs in the USDⓈ market listings. While this is still somewhat the case following the move. It demonstrates that Binance is looking to experiment to see what else is possible. For its part, Paxos’ Dorothy Chang, head of Marketing, says that clients who want to see more pairs should use the Pax token on the exchange and request more pairs be added.
More will be added according to customer demand. So if people want more- they should keep asking Binance to add more pairs to trade with PAX.
Paxos Standard To Be A Base Token on Binance. Trading of the new PAX pairs should open on the morning of November 29th. If the volume on these new pairs is significant enough, Binance will add more pairs. As it has done with USDT. There is still no word on when or if Binance will integrate USDC or GUSD. To be fair, these tokens are both issued by competing exchanges. In the case of USDC, the creator, Circle, owns Poloniex, which is senior in age to Binance. And would love to unseat it as the king of exchanges. But Paxos is issued by itBit, which also operates an exchange.