PAX is backed up 1-to-1 with US dollars and is approved by the New York State Department of Financial Services [NYDFS]. Therefore, it is also the world’s first regulated stablecoin. With the oversight from the US regulators, PAX became a more trustworthy stablecoin for investors. So far, Pax has been listed on an array of global leading exchanges. As Tether has been losing its grip in the market ever since it lost its peg against the USD, PAX has attracted much more attention since its launch.
“Regulated stablecoins serve as a perfect middle ground where regulators maintain a large degree of control, but the currency also offers higher liquidity than traditional fiat.” said Sheldon Xia, Founder & CEO of BitMart. “This is a big step in the blockchain world and we applaud PAX for moving the industry forward.”
BitMart Exchange is a premier global digital asset trading platform in the cryptocurrency market with over 530,000 users worldwide and ranked among the top 10 crypto exchanges on CoinMarketCap. BitMart currently offers 161 trading pairs with one of the lowest trading fees in the market. BitMart has opened credit/debit card deposit options and will offer full fiat service by the end of 2018.