Ontology Blockchain Plans to Support Paxos Standard (PAX) Stablecoin

The high-performance public blockchain platform, Ontology plans to support and launch Paxos Standard (PAX) a regulated USD stablecoin, on the Ontology blockchain.

Ontology claims to be a high-performance public blockchain project and a distributed trust collaboration platform. Ontology blockchain framework claims to support customization of public blockchains for applications.

The announcement said that Ontology will work towards application scenarios on Defi (Decentralized Finance, another Ontology partner project) beyond digital assets or crypto exchanges.

Executive Opinion

Co-Founder and Head of Asia for Paxos Trust, Rich Teo, said, "We are pleased to announce that the Ontology Foundation has chosen PAX as the stablecoin to launch on their chain, and we believe we can offer more business application scenarios for Ontology. This news shows how PAX can continue to meet the ever-changing needs of digital asset communities and Paxos' dedication to advancing innovation in virtual currencies".

Co-Founder of Ontology, Andy Ji, said, "the launch of PAX on the Ontology blockchain will greatly accelerate real business applications on Ontology, create more success stories of traditional businesses shifting to distributed businesses, and provide enterprise partners and institutional investors with a regulated, reliable, and safe gateway to the world of digital assets".

Ontology Blockchain and PAX Stablecoin support

Launched in September 10, 2018, the Paxos Standard Token (PAX) stablecoin is an ERC20 token built on the Ethereum blockchain. PAX has approval from the New York State Department of Financial Services (NYDFS). It is fully collateralized on a 1:1 basis with U.S. dollar. PAX stablecoin is issued by the Paxos Trust Company. It is approved and regulated by the New York State Department of Financial Services (NYDFS). All deposits in USD are kept in independent accounts of FDIC insured banks registered in the US to ensure the safety of PAX tokens, notes the announcement.

On ontology blockchain platform, PAX will be built with Ontology's OEP-4 token standard with the same ticker as PAX. The announcement noted that PAX will enable atomic swaps between the Ontology-based main blockchain and blockchain network and make it easier for individuals and institutional partners to do business pegged to fiat in the Ontology ecosystem.

Ontology expects to launch PAX token in May on its blockchain platform.