Paxos Standard Token (PAX) is an Ethereum based token complying with ERC-20 standards. Paxos Standard Token is issued by Paxos Trust Company approved and regulized by New York State Department of Financial Services. It is fully collateralized 1-to-1 by USD. Paxos Standard Tokens are available as one to one in an exchange with USD and can be redeemed with the same rule. Once redeemed, these tokens are immediately removed from the supply and no longer exists in the network. The Paxos StandardShow more [+] Tokens are issued against the dollars deposited in FDIC-insured U.S banks. Paxos is better than fiat because it can be traded easily both nationally and internationally. The second advantage is the instant transaction when compared to conventional wire transfer.
Paxos Standard Token is governed by Paxos Trust Company US. The Paxos project is lead by Charles Cascarilla who is also the present CEO. He is more than 15 years of experience in financial services. The team consists of 7 other members. The board of directors includes Sheila Bair-former chairman of FDIC, Bill Bradley, Robert Herz, Jim Manzi, and Duncan Niederauer.