Just over a month ago, Paxos, the firm behind a new stablecoin dubbed, the Paxos Standard Token (PAX) has announced that they’ve already issued $50 million worth of stable currency.
The numbers were revealed in a Tweet from Paxos’ vice president of marketing and communications, Dorothy Jean Chang:
We *just* announced 2 hrs ago that @PaxosGlobal had issued $36M a month after launch. And now… we are over $50M already. Demand for $PAX is accelerating faster than I can tweet up with. https://t.co/DfOwjFlk4i— Dorothy Jean Chang (@dj) October 16, 2018
Interestingly, Chang’s tweet seems to infer that the leap from $36 million to $50 million, happened within the past few days.
The fairly new stablecoin boasts regulatory backing from the New York Department of Financial Services (NYDFS), and is collateralized by, and pegged to the US dollar.
At a time where trust in leading stablecoin, Tether is at an all-time low (along with its price mark), it's perhaps no surprise that these newcomer stable currencies are seeing increased interest.
Read more: What's going on with Tether? Trading as low as $0,86, 'a lot of volatility ahead'; Day of the stablecoin: OKEx lists four fiat-backed tokens; In addition to Gemini dollar, Paxos also launches its stablecoin today