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Paxos Standard: The Trailblazer of Regulated Stablecoins in the Crypto Market
Paxos Standard is a stablecoin pegged to the US dollar and regulated by the NYDFS. Paxos, alongside Gemini’s stablecoin Gemini Dollar, became one of the first stablecoins to receive approval from the NYDFS, New York’s financial regulator. This holds significant importance. Paxos Standard Coin quickly became one of the most used stablecoins since joining the stablecoin craze that gained popularity in the crypto sector since 2017.
PAX Coin is indexed 1:1 to the US dollar, and the company’s US dollar reserves are continuously audited. Although Tether is the largest stablecoin, controversies over its reserves accelerated the transition to alternatives like PAX Coin.
What is Paxos Standard?
Paxos Standard, a cryptocurrency pegged to the US dollar, can be considered a digital dollar. Launched with the aim of enabling easy money transfers and serving as a haven for crypto investors during sharp downturns, Paxos Standard (PAX) ranks as the 58th largest cryptocurrency at the time of this writing.
Paxos Standard (PAX) is most actively used on the Binance cryptocurrency exchange, with the PAX/USDT trading pair being particularly popular. To buy Paxos Standard Coin, Binance can be conveniently used.
Where to Buy Paxos Standard?
How and where can one buy PAX Coin? As expected, it can be purchased via Binance.
- To buy PAX, first deposit USD into the exchange or buy a cryptocurrency that can be used instead. Start by going to Binance’s main page, then click on the “Buy Crypto” option in the upper left and select the “Credit/Debit Card” tab.
- In the opened tab, select how much USD you want to spend, and in the Coin section, choose Tether, i.e., USDT.
- After purchasing USDT, preview the “Buy-Sell” option at the top left and click on the “Classic” tab.
- In the new section, select the USDT tab in the upper right, type PAX in the search button, and choose the PAX/USDT pair that appears below.
- Then go to the middle “BUY PAX” tab, enter the amount you want to buy.
- Enter the amount you wish to purchase and confirm the transaction to complete the PAX purchase.
