Support for the Paxos Standard PAX, 0.28% stablecoin has been added to the popular cryptocurrency wallet offered by Blockchain.com.
Blockchain claims that there are multiple benefits to using PAX:
“They are pegged 1:1 to USD, eliminating price volatility and giving users an entirely new way to store value, de-risk in a moving market, manage inflation of their local currency, or settle in a fiat currency outside of traditional banking hours.”
Xen Baynham-Herd, who heads Blockchain’s wallet department and strategy, told CoinDesk that the company plans to offer PAX to USD redemptions directly from the wallet. While it could take some time before fiat redemptions are added, users will be able to swap PAX for other cryptocurrencies supported by Blockchain’s wallet (BTC, BCH, ETH, XLM) starting with next week.
PAX issuer Paxos has also been making improvements to their redemption service, recently introducing instant redemptions of PAX tokens for the equivalent amount of USD through the Paxos platform. Paxos is also developing Paxos Gold, a token that represents a certain amount of gold which will be redeemable for physical bars of gold. Such a service is already offered by Digix through their Digix Gold Token DGX, 0.39% tokens, which represent 1 gram of gold each.
At the time of writing, PAX is the third most actively traded stablecoin on the market, behind Tether USDT, 0.14% and True USD TUSD, 0.22%. The stablecoin, which has a market cap of $226.27 million, has seen $226 million in trading volume during the last 24 hours.