Enterprise platform Ontology () plans to launch a version of the regulated USD-backed Paxos Standard () on its own . The company announced the in a press release on April 27.
Per the release, the new (PAXO) will be based on Ontology’s OEP-4 standard, which will enable atomic swaps between the Ontology-based main and other blockchains. This feature reportedly aims to make it easier for institutions and individuals to do business in fiat terms in the Ontology ecosystem.
The company claims that PAX “is the first regulated USD stablecoin that ensures open auditing, asset safety, and is supported by a large number of exchanges.” All the PAX USD reserves are reportedly held in independent accounts of FDIC-insured banks registered in the , the Ontology press release and the stablecoin’s press materials note.
Those features, according to the release, make PAX “a stable ‘digital dollar’ in every sense of the term, unlike Tether, which cannot guarantee its is always worth $1.”
As Cointelegraph earlier this week, stablecoin operator has responded to recent that its funds were used to cover an $850 million loss at its sister firm, crypto exchange . The statement released by the company claims that court filings by the New York Attorney General’s office are “riddled with false assertions.”
Recently, that processor has partnered with protocol to release 26 stablecoins.
Ontology’s is currently the 19th largest crypto by market capitalization. The coin is at $1.13 and is up less than 1% at press time.
Published at Sun, 28 Apr 2019 16:22:17 +0000
