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What is Paxos Coin and how does it work?

avatarAmmar khanfatNov 23, 2021 · 3 years ago1 answers

Can you provide a detailed explanation of what Paxos Coin is and how it functions?

What is Paxos Coin and how does it work?
Paxos Coin
Cryptocurrency
Blockchain

1 answers

  • avatarNov 23, 2021 · 3 years ago
    Paxos Coin, commonly known as PAX, is a stablecoin that is designed to maintain a stable value of 1:1 with the US dollar. It achieves this stability by being backed by reserves of US dollars held in FDIC-insured banks. PAX operates on the Ethereum blockchain, which ensures fast and secure transactions. The transparency of the blockchain allows users to verify the reserves backing PAX. This makes PAX a trustworthy and reliable cryptocurrency for various use cases, including payments, remittances, and trading on cryptocurrency exchanges. As an investor, you can have peace of mind knowing that PAX is regulated and audited regularly to maintain its stability and transparency.

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