Ontology (ONT), an enterprise blockchain platform, plans to introduce a new version of the regulated USD-backed stablecoin Paxos Standard (PAX) on its own blockchain. The new token, as per the announcement, will be based on Ontology’s OEP-4 token standard that will allow atomic swaps between the Ontology-based main Blockchain and other Blockchains. With this feature, the institutions and individuals will have access to do business in fiat terms in the Ontology ecosystem. Ahead of the announcement, the company claimed that PAX is the first regulated USD stablecoin that ensures open auditing, asset safety, and is supported by a large number of exchanges.
Paxos Standard (PAX) was first introduced in last September that manages the US-backed stablecoins, and currently, it is only available on the ethereum blockchain as an ERC-20 token. However, the new version of PAX would have the same ticker symbol and will follow the Ontology blockchain’s OEP-4 token standard. According to the reports, the Blockchain-driven company will be adding up to 100 million PAX to Ontology’s network, depending on demand. As the company’s statement noted, all the PAX USD reserves are reportedly held in independent accounts of FDIC-insured banks registered in the United States.
On this development, Ontology Co-founder Andy Ji said that 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.