Paxos Standard (PAX) is a stablecoin released as an ERC-20 token, issued by Paxos.
PAX is a digital USD. It’s entirely backed by USD and constantly secured, checked, and regulated.
Paxos Trust Company hired Withim, a leading national audition company, for independent check-ups at any given moment to make sure the entire supply of Paxos Standard is backed by USD on the reserve accounts in the U.S. banks under the management of Paxos. Withum completes all the accounting by the end of the month, using AICPA standards. Every check-up report published since the launch of PAX can be viewed here.
Where and how you can get PAX
- The popular exchanges Huobi and Binance
- On the decentralized exchange Uniswap
- On the website of the Paxos issuer (KYC required)
PAX to Minter
PAX on Minter is a wrapped PAX of the ERC-20 format that has more advantages thanks to the nature of Minter.
On the Minter blockchain the PAX stablecoin has the ticker PAXE and is fully backed by ERC-20 PAX.
PAXE tokens on Minter
PAXE hot wallet —
PAXE cold wallet —
PAX tokens on Ethereum (supplying PAXE on Minter)
PAX hot wallet —
PAX cold wallet —
To minimize fee expenses, wrapped tokens on Minter are released in packets (they won’t exactly be 1:1 accurate with the backing coins on Ethereum). But only the 100%-backed amount will be allowed to circulate on Minter, the rest will be on the hot and cold wallets, which are controlled with multisigs.
It doesn’t affect security and reliability, since minting and burning wrapped tokens on Ethereum is also managed by multisigs and they can be minted or burned at any moment upon reaching a required quantity of votes. In this case, Minter has an advantage over Ethereum as it doesn’t spend any money at all on fees.
The first packet of PAXE on Minter consists of 10 000 000 000 PAXE.
At the moment of writing, the cold wallet has 9 999 000 000 PAXE.
Meanwhile, the hot wallet has 1 000 000 PAXE.
When users perform PAX transfers from Ethereum to Minter, these tokens will be circulated and their amount will be calculated like this:
10 000 000 000 - *hot wallet total* - *cold wallet total* = *amount of PAXE in circulation*
Liquidity pools with PAXE
By clicking on a pair, you can see all the basic liquidity information, token price correlation, daily trade volume, daily fee amount received by liquidity providers, and the current APY — yearly profitability.
And on the page of the pair at Chainik, you can also track the price chart.
PAX cross-chain transfer
You can learn about transferring PAX and other tokens from Ethereum to Minter and back on our page about cross-chain transfers.
Advantages of PAX on Minter
The advantages of having a wrapped PAX, like other tokens on Minter, lie in the blockchain’s possibilities — first off, the transaction speed (less than 5 seconds) and low fees ($0.01 for a transfer and $0.03 + 0.2% for a conversion). You can learn about other advantages Minter has on a corresponding page in our database.
© 2021 BTC.Secure Inc.