By Ontology (ONT), the enterprise blockchain platform has revealed plans to launch a version of the regulated USD-backed stablecoin Paxos Standard (PAX) on its native blockchain. The news was announced by the firm on April 27th.
As per the release, the new token dubbed PAXO, will be based on Ontology’s OEP-4 token standard which will allow for atomic swaps between the Ontology-powered blockchain and other blockchains. This new feature will boost the ease of access for institutions and users to conduct business in fiat terms upon the Ontology ecosystem.
The company argued that PAX “is the first regulated USD stablecoin that ensures open auditing, asset safety, and is supported by a large number of exchanges.” The Ontology press release also stated that all of Paxo’s USD reserves are held in independent accounts of FDIC-insured banks registered in the US.
As per the release, these features cement PAX as a stable “digital dollar” unlike Tether which in the past stated it can’t always guarantee that each token is worth $1.
Last week it was reported that Tether had responded to recent rumours that its funds were used to cover losses of $850 million at Bitfinex, it’s sister firm. However, the statement released by the crypto exchange stated that the court filings by the New York Attorney General’s Office were “riddled with false assertions.”
In other stablecoin-related news, recently Wirex, a UK-based cryptocurreny payment processor joined forces with the Stellar blockchain protocol to release 26 stablecoins.
Currently, Ontology’s ONT is the 19th largest crypto by market cap and the coin is trading at $1.99.
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