World’s most renowned, and the largest cryptocurrency and digital asset exchange, Binance, has been supporting stable coin. Just last month, Binance listed Paxos Standard Token (ticker symbol is PAX), as its third stable coin. Moreover, PAX is also a regulated stable coin.
The demand for regulated stablecoin has been growing in the industry since always. Binance added Paxos Standard Token (PAX) to further extend its support in the cause. It let users, consumers and traders trade the cryptocurrency and digital asset token. It is traded with its native cryptocurrency token on the platform, Binance Coin (BNB). Furthermore, users and traders and investors could also trade PAX with renowned cryptocurrency Bitcoin (BTC).
In their official blog, Binance wrote, “Fellow Binancians, Binance has opened deposits for Paxos Standard Token. Trading for PAX/BNB and PAX/BTC trading pairs will open at a later date and we will make a separate announcement prior to this.”
PAX / ETH Trade Pair Support Added
To continue its streak of supporting the regulated stablecoin economy, Binance now lets the user, traders, and investors to trade Paxos Standard Token (PAX) against the renowned digital asset cryptocurrency, Ethereum (ETH). Furthermore, the announcement came just an hour ago on October 7 via their official blog.
Their official blog stated this. “Fellow Binancians, Binance will open trading for the PAX/ETH trading pair at 2018/10/07 11:00 AM (UTC).” A risk warning regarding the cryptocurrency token was added too. “PAX is a stablecoin issued by the Paxos Trust Company and is designed to be pegged one-to-one with USD (1 PAX = $1 USD). Please be cautious if/when the price deviates from this ratio.”
Stablecoins proves to be a boon to investors and traders who are new to the ecosystem of blockchain and cryptocurrencies. It is pegged to an already established currency, mainly, fiat currencies such United States dollar, and traded equally with one to one valuation.