A third stablecoin will be listed on the Binance exchange. In a statement, Binance announced that deposits for Paxos Standard Token (PAX) are now open.
At this point the PAX token is not yet available for trading on the platform. It looks like Binance first wants to have enough PAX on the exchange before trading starts, to prevent the price from pumping. When TrueUSD (USDT) was listed on Binance, the stablecoin that should be worth $1 pumped to $1.39.
In the statement announcing the listing of PAX, Binance warns traders that PAX should not be bought above $1. ‘PAX is a stablecoin issued by the Paxos Trust Company and is designed to be pegged one-to-one with USD (1 PAX = $1 USD)’, Binance states. ‘Please be cautious if/when the price deviates from this ratio.’
— Binance (@binance) September 21, 2018
PAX is the third stablecoin on Binance next to TrueUSD and Tether. It will be paired with BNB and BTC once trading starts. Paxos has engaged a top-ranking auditing firm ‘to release monthly balance attestations of the corresponding PAX and USD balances held/issued’.
Binance CEO Changpeng Zhao has commented on the PAX listing by saying that ‘regulated stablecoins serve as a middle ground where regulators maintain control, but the token also offers far more freedom than traditional fiat for users. Hope more will copy/follow/improve, and for other fiat currencies too.’
Regulated stable coins serve as a middle ground where regulators maintain control, but the token also offers far more freedom than traditional fiat for users. Hope more will copy/follow/improve, and for other fiat currencies too. https://t.co/2r5Z1WlzJu
— CZ Binance (@cz_binance) September 21, 2018
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