According to reports, Paxos, the digital currency company behind the Paxos Standard (PAX) stablecoin, has recently announced that the company has issued over $50 million worth of its digital currency since it was officially launched last month.
In a tweet credited to the vice presidents of marketing and communications at Paxos, Dorothy Jean Chang stated that since the company began rolling out PAX in Sept 10, it has so far issued $36 million worth of its stable coin in exchange for the dollar.
“And now… we are over $50M already,” the spokesperson added, hinting more than $14 million-worth of PAX could have been issued in just the past several days, she added.
It would be recalled that PAX is only one of the first stablecoins to enjoy approval from regulators including New York Department of Financial Services. In the case of this cryptocurrency company, the firm that regularly audits and inspects the Paxos US dollar on a monthly basis, released reports stating that the firm holds about $14 million, which correlates with the roughly 14 million PAX it had so far issued to interested investors who are looking to take advantage of what the company offers.
Commenting on the company’s unprecedented growth, Paxos in an announcement on Monday credited the growth of the company to adoption by some of the biggest cryptocurrency exchanges include Binance and OKEx who recently announced that they would be listing PAX on their trading platform.
This news is coming in the wake of controversy in the cryptocurrency market which saw USDT- the U.S. dollar-pegged crypto tanked to its 18 month low with the cryptocurrency asset price slipping to $0.95 and raising a lot of questions.
Also, on Monday, Binance, one of the leading cryptocurrency platform by trading volume, temporarily halted USDT withdrawals in what the company described as a period of heightened activity.