The Ontology Team announced on 27 April about its plans to launch regulated U.S. dollar (USD) stablecoin Paxos Standard (PAX) on its blockchain.
Ontology is a high-performance public multi-chain project and a distributed trust collaboration platform. Ontology began by highlighting that with this development, it would endeavor to explore more use cases on Defi (decentralized finance). Defi being another Ontology partner project, would innovate beyond exchanges. PAX token would be launched on Ontology next month.
Rich Teo, Co-Founder and CEO of Asia for Paxos cited –
“We are pleased to announce that the Ontology Foundation has chosen PAX as the stablecoin to launch on their chain, and we believe PAX can offer more business application scenarios for Ontology. This news shows how PAX can continue to meet the ever-changing needs of digital asset communities and Paxos’ dedication to advancing innovation in virtual currencies.”
Ontology continued to inform that Paxos Standard is based on Ontology’s OEP-4 token standard. The token would continue to use PAX as its ticker. With PAX token integrated into the system, it would help enable atomic swaps. Such swaps would be facilitated between Ontology-based main blockchain and the blockchain network. Institutional partners and individuals would also be benefited to carry out their business efficiently.
Ontology further added that PAX was launched late last year with the approval of the New York State Department of Financial Services (NYDFS). PAX differs from other stablecoins like Tether which are registered Money Services Businesses (MSB). Ontology upheld the features of PAX, emphasizing that the stablecoin ensures open auditing and asset safety. The token is also backed by a large number of exchanges and is practically a ‘digital dollar’.
Andy Ji, Co-Founder of Ontology added that the launch of PAX on the Ontology blockchain would foster real business applications on the platform. Andy expressed that there would be more success stories of traditional businesses shifting over to distributed businesses.
Last month, there were reports about scaling Loom PlasmaChain by adding support for top 100 ERC20 tokens. Among the bunch of tokens added, six major stablecoins were a definite addition. These tokens are Coinbase/Circle’s USD Coin (USDC), TrustToken’s TrueUSD (TUSD), Maker Dai (DAI), PAX, Gemini Dollar (GUSD), and STASIS EURS (EURS).
Ontology touched upon few key milestones by informing that since the release of the Ontology MainNet last year, much progress had been made in realizing innovative solutions. Ontology also provides rapid product iteration, community growth, and offers a customized development platform for blockchain developers.