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Laxman Pai, Opalesque Asia: The New York State Department of Financial Services (NYDFS), creators of the controversial BitLicense regulatory framework, has given the thumbs up for a new U.S.-dollar collateralized stablecoin.
Blockchain startup Paxos announced the launch of Paxos Standard token that is fully collateralized 1:1 by the U.S. dollar, issued by the Paxos Trust Company. The company claims it as the world's first regulated crypto asset.
The startup said in a press release that as a digital asset, Paxos Standard can move instantaneously anywhere in the world.
"Built on the Ethereum blockchain, it offers the benefits of crypto-assets such as immutability and decentralized accounting. Since it is fully collateralized by dollars, Paxos Standard offers a liquid, digital alternative to cash that is available 24/7 for instantaneous transaction settlement and is fully redeemable," the press release explained.
As a Trust company, Paxos is a fiduciary and qualified custodian of customer funds, and can therefore offer greater protections for customer assets than any other existing stablecoin, claimed the company. Dollar deposits are always held in segregated accounts at multiple FDIC-insured U.S.-domiciled banks.
"Paxos Standard gives financial markets the power to transact in a fully USD-collateralized asset with the benefits of blockchain technology and oversight from financial regulators," said Charles Cascarilla, CEO and co-founder of Paxos...................... To view our full article Click here
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