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Regulated USD Backed Stablecoin Pax to be Launched by Ontology on its Blockchain

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According to a press release dated April 27, Ontology (ONT) – an enterprise blockchain platform intends to float a version of the regulated USD backed stablecoin PAX (Paxos Standard) on its own blockchain.

According to the press release, PAXO, the new token will function on the principle of Ontology’s OEP-4 token standard,  which will essentially allow atomic exchanges amongst the Ontology-based main blockchain and other blockchains. Reports suggest that this feature intends to make it easier for individuals and organizations to do business in fiat terms in the Ontology ecosystem.

As per what the company claims, PAX  “is the first regulated USD stablecoin that ensures open auditing, asset safety, and is supported by a large number of exchanges.” The Ontology’s press release also notes that all PAX USD reserves are parked in independent accounts of banks insured by FDIC which are registered in the United States.

As per the release, those features make PAX “a stable ‘digital dollar’ in every sense of the term, unlike Tether, which cannot guarantee its token is always worth $1.”

As reported previously, Tether – a stablecoin operator has countered to an allegation made against it recently saying that its funds were majorly used to cover the loss worth $850 million of its sister firm, Bitfinex (crypto exchange).

As per the official statement by the firm, court filings by the New York Attorney General’s office are “riddled with false assertions.”

Also, very recently, a piece of news broke that Wirex (crypto payment processor based in the United Kingdom) joined hands with Stellar (blockchain protocol) intending to release a total of 26 stablecoins.

At present, Ontology’s ONT is the 19th largest crypto in terms of market capitalization. The ONT coin at press time is trading at $1.13 and is up less than a percent.

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