Paxos Standard token (PAX) is a stable coin that is fully collateralized one-for-one by USD, issued by the Paxos Trust Company and regulated by the New York Department of Financial Services.
On November 20, the Paxos team announced that the Paxos Standard token (PAX) was added as a settlement option for payment processor BitPay. BitPay merchants and businesses now have the option to receive settlements in PAX.
“With our partnership, Bitpay and Paxos are giving business owners the speed and accessibility of cryptocurrencies combined with the trust and stability of the US dollar. This new settlement option is particularly valuable for overseas businesses that have limited access to a currency as stable as the U.S. dollar”, – writes the Paxos team.