Paxos Standard Now Listed By BitPay

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bitpay

A new move by BitPay is seen as enhancing its list of stablecoin offerings that are designed for merchant settlement. This is the move to list Paxos Limited tokens for use on various transactions. It is definitely the most highly traded in the newly-created regulated stablecoins group.

More Support Already Added

Barely a month ago, BitPay had begun making serious advancements in regards to adding more support. The support for GUSD by Gemini and the USD Coin by Circle had already been added by October 2018. Apparently, BitPay has opted not to throw its support behind Tether, or the USDT. This is despite Tether being the first major stablecoin in the whole world and having the backing of Bitfinex. Bitfinex is an established fiat-cryptocurrency margin-supporting trading exchange.

According to Stephen Pair, the Chief Executive Officer of BitPay, his company is wholly committed to change the financial market. This will only be achieved through the use of the fast-growing blockchain technology. The idea to list the token of Paxos Standard is one way of furthering this dream. BitPay customers are now allowed to receive low cost and fast settlement through the use of newly acquired Paxos Standard token.

BitPay’s Main Mission

From its inception, the operations of BitPay have been guided by one thing. That has been the fact that traders might desire to accept the crypto tokens. However, they might not be want to take part of the volatile markets that tend to control the whole market. Both BitPay and Coinbase give their users an opportunity to accept payments that are made in BTC, and then settle them in US dollars. At the moment, there is a host of other cryptos that are accepted apart from Bitcoin.

These services have been offered from the time when the total market cap of BTC was way much smaller than a majority of privately and publicly traded companies.

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Stablecoins Empowering Merchants All Over

The introduction of stablecoins has brought in a lot of new things in the whole market. It basically gives the traders more flexibility in the manner they realize the gains from their trades. However, they are stabilized or pegged to the US dollar even though they are security tokens from a technical point of view. This means that the traders would be able to settle the crypto transactions in these stablecoins and avoid paying the built-in charges of using fiat. These moves can also be timed with much precision.

A merchant that currently holds a huge amount of USDC on the BitPay desk, for instance, might find buying the now-affordable BTC much cheaper. Merchants would still enjoy the option of storing their coin for later use. Paxos Standard, with a full backing of itBit, places itself as the first stablecoin to be regulated, and is also growing faster than others. It has the highest trading volume of any dollar-backed stablecoin in the United States. PAX can either be redeemed or bought 1:1 by verified customers who are using the United States dollar.

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