Blockchain startup Paxos launches regulated stablecoin
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The Paxos Standard Coin is an Ethereum-based stablecoin that is fully-collateralized at a one-to-one ratio to the U.S. dollar. Dollar deposits backing the Paxos Standard Coin are held by U.S. banks subject to oversight by the FDIC. Paxos Standard Coins are burned upon redemption to maintain their dollar ratio.
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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi
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