Paxos to launch a stablecoin backed by precious metals "this year"

12 Mar, 2019
by David Borman
Paxos to launch a stablecoin backed by precious metals this year

Fortune has reported that Paxos, a crypto company that currently offers a USD backed stablecoin, is planning on launching another coin this year, one that will be backed by one or more precious metals, plausibly gold.

In an interview with CEO Chad Cascarilla, Fortune revealed that Paxos is currently working hard to obtain enough physical stores of precious metals to back up the stablecoin they plan to launch. That being said, Cascarilla did say "I think we’ll see it in 2019." He also elaborated on the need to have enough physical reserves to cover the new coin:

"How you do it with a gold token is how much gold you have in a vault equals how many gold tokens outstanding... How do you do it with stocks? How many stocks do I have sitting in an account, equals how many stocks in the blockchain."

Cascarilla did not actually confirm that gold would be the metal used to back up the token, though it does make perhaps the most sense and a lot of experts in the industry expect the coin to be gold backed. During the interview Cascarilla did mention that "gold is probably the most obvious."

Overall this could be an exciting step forward for digital assets, and a gold backed stablecoin may be taken more seriously than most other cryptos. Still, the market already has multiple stablecoins pegged to fiat so it is debatable how this one will be received.

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Read more about:Paxos (PAX)


Should this coin be backed by gold?

(3 votes)

Add a comment

As for me, Paxos is similar to scam project)) with a legend but no action
12 Mar, 2019 - 21:48
it is not similar. paxos IS a scam project. what can w talk about, just look into backdoor
16 Mar, 2019 - 00:11
paxos should close itself and disappear.. so much lie from paxos
12 Mar, 2019 - 22:23
again fake news from the fake stablecoin paxos
12 Mar, 2019 - 22:56
I think it will not work. Paxos just hyping by such news
13 Mar, 2019 - 11:33
paxos coin won't be supported by either gold or dollars
13 Mar, 2019 - 22:43
paxos can only make a hype to get some money but nothing else
14 Mar, 2019 - 09:06
omg paxos ?) it's difficult to call it the stablecoin
14 Mar, 2019 - 21:29
Paxos is currently working hard to obtain enough physical stores of precious metals. how? do they mine it?) these words are nonsense
14 Mar, 2019 - 21:50
paxos should work and provide legal docs confirming audit providing but i think it will not be happen
14 Mar, 2019 - 22:10
i don't trust a lot of stablecoins in particular paxos due suspicious character of activity
14 Mar, 2019 - 22:48
Initial Paxos was just Tether copy and don't think that new one will differ or will compete with USDT.
15 Mar, 2019 - 00:21
omg don't launch it. won't be traded
15 Mar, 2019 - 17:37
well PAX token is having serious problems with security. it seems like there is a backdoor in the code of the stable coin
16 Mar, 2019 - 11:16
Paxos don’t try to convince us that you are not a fake – everybody knows about your backdoor!
18 Mar, 2019 - 02:16
Paxos will eventually answer for all their scam and frozen accounts! I cant wait to see it!
18 Mar, 2019 - 21:57
again fake info provided? paxos has no demand on the market and such things make it worst coin ever
19 Mar, 2019 - 05:23
And this new one also couldn't compete with Tether.
19 Mar, 2019 - 22:40
paxos is like a virus with its backdoor, just don’t became the victim of its greed and fraud!
22 Mar, 2019 - 17:05
I feel like I’m wasting time with Paxos. They removed my money from the wallet and I have to fight with their support now. Just tired of it.
22 Mar, 2019 - 18:52

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