Paxos Standard Secures Listing on BitPay

BitPay has already added support for Circle’s USDC and Gemini’s GUSD. The Tether (USDT), the first stablecoin, is still not included in BitPay’s listing.

According to BitPay’s CEO, Stephen Pair, the company wants to transform the financial industry through blockchain.

BitPay has been designed with the idea to transform payment with cryptocurrencies, without the hassle of jumping into volatile waters. BitPay offers merchants to accept cryptocurrency payments and then settle the payments into fiat currencies.

Charles Cascarilla, CEO and co-founder of Paxos, commented: "We are thrilled to partner with BitPay to enhance the cryptocurrency ecosystem. Paxos Standard gives financial markets the power to transact in a fully USD-backed asset with the benefits of blockchain technology and oversight from financial regulators.”

Stephen Pair, co-founder, and CEO of BitPay, also expressed the company’s excitement over the new partnership, which is a result of the company’s matching visions to empower businesses across the globe to secure payments that are fast and stable.

He added that BitPay’s mission is focused on transforming the financial industry through blockchain technology: “We are furthering this mission by allowing our customers around the world to receive a fast and low-cost settlement using the USD-backed Paxos Standard token.”

Stable coins are somewhat new to the crypto space, and they give merchants the much-needed stability and flexibility to conduct various price policies. Stable coins are hardwired to the U.S. dollar, which means merchants can settle payments more quickly and without volatility concerns.

Merchants have the option to hold their stable coins in their wallets or cards, or to exchange them into Bitcoin, for example.

Paxos Standard, issued by a regulated Trust company, is also a token that is approved for insurance by the New York State Department of Financial Services.

Protected by the 1:1 ratio against the U.S. dollar, users can trade PAX for the U.S dollar without volatility concerns. PAX can also be traded against other cryptocurrencies, such as Bitcoin, Ethereum, Binance Coin, and others. PAX also recorded strong market performance with over $70,000,000 in daily trading volume.

Stablecoins offer easy and direct access to liquidity and quick input of fiat into the crypto world.