Binance, the world's largest cryptocurrency exchange by volume, announced today it is adding six trading pairs for the Paxos Standard Token (PAX), a dollar-backed stablecoin. Starting November 29, traders on Binance will be able to trade PAX against the following assets: BNB, BTC, ETH, XRP, EOS, and XLM. According to Etherscan, there is currently ~$138M worth of PAX circulating in the market. The addition of PAX as a base currency offers Binance's traders an alternative to USDT.
“Demand for PAX has grown very quickly since we launched just over two months ago, making it clear that traders want a stable, regulated and transparent stablecoin,” said Charles Cascarilla, Paxos co-founder and CEO. “Binance is responding to this demand by giving traders the ease of PAX-denominated trading. We believe this will help bring greater confidence and stability to crypto markets at large.”
Paxos, the company behind PAX, was launched in 2012. PAX is the first token issued directly by a regulated trust company and is approved for issuance by the New York State Department of Financial Services. (Source: Binance)