Stablecoin guarantor Paxos will join forces with Ontology to issue up to 100 million of its PAX tokens. The tokens are pegged 1:1 to the U.S. dollar. This will issue on Ontology’s blockchain platform beginning a one month from now. Paxos All Set to Issue $100 Million of Stablecoins
Ontology announced last Friday that the launch will make it easier for individuals and businesses using Ontology’s ONT token. The company said that it is planning to add up to 100 million PAX to Ontology’s network.
Paxos Standard (PAX) launched last September. It is a regulated U.S. dollar stablecoin, which, until now, was only available on the ethereum blockchain as an ERC-20 token. Ontology created a second option.
The new version of PAX will be based on Ontology’s OEP-4 token standard. Also, it will continue to have the same ticker symbol.
The co-founder of Ontology, Andy Ji disclosed that PAXOS has authorized Ontology to issue the PAX on its blockchain through the partnership. Conversely, it will still be conducting its own know-your-customer process and U.S. dollar deposit and withdrawal.
“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.”
The declaration comes following the New York attorney general’s charge that the Bitfinex trade, which imparts the board and proprietors to stablecoin backer Tether, lost $850 million of corporate and customer reserves and in this way utilized Tether’s stores to subtly cover the deficiency.
Paxos All Set to Issue $100 Million of Stablecoins. Ontology stressed that not at all like Tether, PAX guarantees open auditing and every one of its deposits in U.S. dollars are kept in independent accounts at Federal Deposit Insurance Corp.- insured banks in the U.S.
Singapore-based Ontology Foundation released its open blockchain system last June. It will give a high volume of transactions quickly and inexpensively.