06/09/19 05:00 UTC-4

$8 trillion for cryptocurrency: Paxos tied stablecoin to gold

CryptocurrencyPaxos digitizes gold
Paxos digitizes gold

Paxos cryptocurrency company announced the release of a new stablecoin linked to gold. US regulators have already given the "green light".


Paxos launches gold stablecoin

Paxos Cryptocurrency Exchange introduced the new Pax Gold (PAXG) stablecoin. He will be provided with gold bars. That is, the value of the PAXG tokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details
is equal to the price of an ounce of gold. Moreover, the owners of stablecoin will be able to exchange the token for a physical ingot. To do this, they will need to contact the partner of Paxos Bullion Exchanges in New York.

The company promises to expand the list of partners in other countries, so that it would be more convenient for customers to receive gold bars.

Interesting in the section: What is USDC? Complete Starter Guide for USD Stablecoin

  • Paxos received a PAXG license from the New York City Department of Financial Services
  • SALT crypto-startup has already announced that it will issue loans secured by PAXG
  • Prior to this, Paxos issued a stablecoin secured by the US dollar, called PAX. According to Coinmarketcap, PAX's capitalization on September 6, 2019 was $234 million, and the daily tradingTrading
    – is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
    volume was $297 million
  • In early September, one of Bitfinex investors, Zhao Dong, said that Tether, the company that created the USDT stablecoin, also plans to issue a cryptocurrency secured by gold  
  • The total market capitalization of gold, according to various experts, reaches $8 trillion


Editor: Alex Riabukha

See also: "U.S. intelligence begins to develop cryptocurrencies"

#Paxos #PaxGold #PAXG #PAX #Stablecoin #USDT #Tether #Gold #SALT



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