Kyber Network, a liquidity protocol for cryptocurrency markets, has announced that the Paxos Standard (PAX) stablecoin is now available on Kyber Network, with liquidity through the Prycto Reserve.
PAX is now accessible through KyberSwap and other platforms that are tapping into Kyber Network’s on-chain liquidity protocol. To date, Kyber Network collectively supports over 70 ERC20 tokens.
The stablecoin was listed as of Monday, April 29th, 2019, 9 PM (GMT+8)
Paxos Standard
Paxos Standard (PAX) combines US Dollar stability with the efficiency of blockchain technology. PAX is a digital dollar and like other crypto assets, can move instantaneously, anywhere in the world, any time of any day, and it’s programmable. PAX is a stablecoin, and it is backed 1:1 for the dollar and issued by the Paxos Trust Company, so the funds are carefully protected, audited and regulated.
Today, Paxos Standard can be used to limit exposure to crypto-asset volatility, to remove cross-border transaction fees and to move between crypto-assets with ease or as payment for other blockchain-based assets. In the future, Paxos Standard can be used for consumer payments, offering a stable store of value for those outside the United States that face currencies with unpredictable volatility.