Stablecoin issuer Paxos has partnered with Ontology to issue up to 100 million of its PAX tokens. Pegged 1:1 to the U.S. dollar, the token will be live on Ontology’s blockchain network starting from next month.
Ontology announced Friday, that the launch will purportedly aid individuals and businesses using Ontology’s ONT token to transact in fiat-pegged tokens. Launched last September, Paxos Standard (PAX) is a regulated U.S. dollar-backed stablecoin. Until now, it was only available on the ethereum blockchain as an ERC-20 token, but now there will be a second option.
The new version of PAX will have the same ticker symbol and will follow the Ontology blockchain’s OEP-4 token standard. Ontology co-founder Andy Ji elaborated that the know-your-customer process and U.S. dollar deposit and withdrawal will still be conducted by PAXOS, Ontology is authorized to issue the PAX on its blockchain through the partnership. He said:
“The launch of PAX on the Ontology blockchain will greatly accelerate real business applications on Ontology, create more success stories of traditional businesses shifting to distributed businesses, and provide enterprise partners and institutional investors with a regulated, reliable, and safe gateway to the world of digital assets.”
The news of the collaboration came on the heels of the New York attorney general’s allegation that the Bitfinex exchange, which shares management and owners with stablecoin issuer Tether,
Image Source – Ontology Medium