A recent report has made it known that Bitpay, a popular crypto payment solution, has integrated another regulated stablecoin— Paxos standard (PAX) into its platform.
Bitpay Now Supports (PAX)
This news is following the addition of Gemini dollar (GUSD) and Circle’s USD coin (USDC) to its list of supported Cryptos. This will be the third stablecoin Bitpay will be adding to its platform in recent time.
Apart from these three, Bitpay also supports two other traditional cryptos namely, bitcoin cash (BCH) and bitcoin core (BTC). The platform also supports seven fiat currencies, including the U.S. dollar, the euro and the British pound.
The company behind the development of PAX announced the news of the addition through a recent press release. The release stated that:
“The Paxos standard token (PAX) is now integrated with Bitpay as a settlement option for Bitpay merchants,”
Charles Cascarilla, CEO and co-founder of Paxos, also stated that:
“Paxos standard gives financial markets the power to transact in a fully USD-backed asset with the benefits of blockchain technology and oversight from financial regulators,”
Recently there has been an increase in the number of stablecoins which are being pegged 1-to-1 with the U.S. dollar. PAX is one of this recently launched stablecoins.
In the US alone, the past 3 months has seen the launch of at least three news stablecoins. The New York State Department of Financial Services recently gave authorization to both Gemini Trust and Paxos Trust to issue digital coins pegged to the USD.
Following this, a U.S.-based Circle launched its own stablecoin, USDC, in collaboration with open-source consortium Centre.
Rise in Number of Stablecoins
This rise in the number of stablecoins globally is following the massive sell-off Tether (USDT) the most popular Stablecoin had recently. Although the coin eventually returned back to its original price, the event led to some hints of distrust in the stable coin.