Ontology Blockchain racks up about $100 millions of Stablecoins from Paxos


Paxos issues $100 millions of stablecoins to Ontology.
Paxos will reportedly issue its PAX tokens starting from the next month.

Ontology declared on Friday that individuals and business will be able to access fiat- pegged tokens using Ontology’s ONT token. Paxos will reportedly issue its PAX tokens starting from the next month. Paxos Standard (PAX) was launched last September which administers the US-backed stablecoins. Presently, it is only available on the ethereum blockchain as an ERC-20 token. The new version of PAX would have the same ticker symbol and will follow the Ontology blockchain’s OEP-4 token standard. As per Coindesk, the firm will be adding up to 100 million PAX to Ontology’s network, depending on demand.

Ontology co-founder Andy Ji said:

“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.”

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