Starting on November 29, the stablecoin Paxos Standard Token (PAX) will be the new quote currency among trading pairs on the exchange's stablecoin market.
Updated: November 28, 2018
Binance has added the stablecoin Paxos Standard Token (PAX) as the new quote cryptocurrency on its decentralized exchange platform.
On November 27, the exchange revealed that the US dollar-pegged PAX would become the quote currency of six trading pairs on Binance’s newly renamed stablecoin market, USDⓈ Trading Market.
— Binance (@binance) November 28, 2018
PAX is an ERC-20 token subject to regulation by the New York State Department of Financial Services. The stablecoin is currently available for trade on more than 30 exchanges, including Binance.
Charles Cascarilla, Paxos co-founder and CEO, said:
“Demand for PAX has grown very quickly since we launched just over two months ago, making it clear that traders want a regulated and transparent stablecoin they can trust. Binance is responding to this demand by giving traders the ease of PAX-denominated trading. We believe this will help bring greater confidence and stability to crypto markets at large.”
Starting on November 29, Binance users can swap PAX for Bitcoin (BTC), Ether (ETH), XRP (XRP), EOS (EOS), Stellar Lumens (XLM), and Binance Coin (BNB).
Meanwhile, Binance CEO Changpeng Zhao explained that PAX was chosen as the quote currency because “we believe it will help to increase the overall liquidity of the crypto market.” He promised to add more trading pairs in the near future.
Erratum: The updated article reflects Binance’s later clarification that PAX is the quote asset, not the base asset.