Enterprise-based platform Ontology (ONT) plans to release on its blockchain a version of the regulated Paxos Standard (PAX) stablecoin. The announcement was made recently via press release.
According to the release, the new PAXO token is founded on Ontology’s OEP-4 standard token. It will allow for atomic swaps within the Ontology-based primary blockchain and other chains. The new feature allegedly wants to make it simpler and quicker for individuals and companies alike to transact in fiat terms with the ONT ecosystem.
Ontology states in its press announcement that PAX is “the first regulated USD stablecoin that ensures open auditing, asset safety, and is supported by a large number of exchanges.” The same information could also be found on PAX’s press materials.
Pax Regulated and Audited Reserves
All Pax dollar reserves are said to be maintained in independent accounts at banks insured by the FDIC and registered in the U.S.
These features make the PAX token a reliable digital dollar, unlike Tether that can’t give assurance that its token will always be worth $1.
Tether has responded to accusations that its funds were utilized to cover the $850 million loss suffered by Bitfinex, a crypto exchange, and its sister company. The stablecoin operator released a statement claiming that the court filings made by New York’s Attorney General are full of “false assertions.”
There has also been news that Wirex, a UK-based crypto payments processor, has teamed up with blockchain-based protocol Stellar to launch 26 stablecoins.
Meanwhile, Ontology’s own ONT is presently the 19th biggest crypto based on market capitalization. The virtual coin is currently trading at about $1.13 and has increased by less than one percent as of press time.