Paxos to issue stablecoins worth of $100M on Ontology blockchain

Paxos coins will be issued in a new blockchain in May.
The launch of Ontology-based coins will speed up the blockchain adoption by corporations.

Tanya Abrosimova Independent Analyst

The issuer of Paxos stablecons announced the decision to issue 100 million PAX tokens in partnership with Ontology. THe coins are backed by USD on a 1-to1 ratio, CoinDesk reports.

The issuance of stablecoins based on this blockchain will start in May. Ontology developers believe that these tokens will increase the efficiency of the transactions between retail customers and business structures.

According to Ontology co-founder Andy Ji, PAXOS will be used solely for KYC procedures and also for U.S. dollar deposit and withdrawal. However, Ontology will be authorized to issue PAX coins on its blockchain through the partnership.

“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,” he commented.

Also, he emphasised, that Paxos carries out open audits for its asset, while all monetary funds used as a collateral are kept on bank accounts and subject to the insurance of Federal Deposit Insurance Corporation.

Paxos Standard (PAX) coin was issued in September 2018. Currently, it is an ERC20 token pegged to US Dollar. The new version of the coin will be based on OEP-4 and will have the same ticker.

Author

Tanya Abrosimova

Independent Analyst

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