On September 10, 2018, the New York Financial Services Department (NYDFS) also approved two stable coins based on Ethereum, Gemini Dollar and Paxos Standard. Both of these stable currencies are encrypted digital currencies anchored with US dollars 1:1. These two digital currencies will be regulated by the US government. Account funds will be audited every month. If there is a problem with the account, the US government can enforce the law. Means to freeze and other operations.
PAX (Paxos Standard) is the world's first compliant stable currency, issued by blockchain startup Paxos, which aims to provide liquidity to investors who trade encrypted assets by providing "digital alternatives to cash" for PAX (Paxos Standard). Instant transaction settlement for all asset classes.
PAX is a stable currency supported by $1,1 PAX equals $1, and PAX's entire reserve will be 100% collateralized in full dollar. Built on Ethereum's ERC-20 standard, PAX can be sent between any two wallets on the Ethereum network, and certified Paxos customers can purchase or redeem PAX on their company website.