A year ago today, Paxos Trust Company launched the Paxos Standard (PAX) stablecoin, the world’s first regulated crypto-asset fully collateralized 1:1 by the U.S. Dollar. We launched PAX to give people a trusted, liquid, digital dollar that is available 24/7 and is always redeemable for $1. Since then, we’ve seen demand, growth and developments we never could have expected a year ago.
In just a year, PAX has become the leading alternative stablecoin. On a daily basis, PAX has trading volume of more than $400M and a market cap of $230M. To date, PAX has been used to process over $50 billion in total transactions. In total, we have minted over $1.2B PAX, and users have redeemed about $1B PAX. Customers appreciate that we have really focused on making PAX reliable and easy to create, use and redeem. When a stablecoin has high utility and liquidity, our customers benefit.
The world outside our platform has grown too. Our ecosystem includes more than one hundred exchanges, wallets, trading desks, lending platforms, payment systems and beyond. Whether you want to trade on Binance, hold PAX in your Blockchain Wallet or spend your PAX via a Crypto.com credit card app, PAX is growing in global access.
Finally, we’re also making big moves in the stablecoin world, even beyond PAX. In the last two months, we’ve announced partnerships with two of the world’s largest crypto exchanges to introduce stablecoins that are regulated, transparent and safe. HUSD is listed on Huobi Global and issued by Stable Universal with all USD held in reserve by Paxos, and in just over a month, its market cap is already over $78M. BUSD will be issued and custodied by Paxos and will soon be available on Binance for trading against BTC, BNB and XRP (and more will be added soon). Through PAX and other coins created through our stablecoin as a service offering, we’re powering the entire next generation of stablecoins and bringing meaningful stability to the crypto markets.
But dollar-backed assets are only one part of the story. Last week, we launched PAX Gold, a new token backed by gold and approved by the New York State Department of Financial Services, making it the first regulated gold token. PAX Gold is the easiest way to own and trade gold, and it’s a huge $9T+ market that we are excited to tokenize.
There are $600 trillion worth of assets in the world – at Paxos, we’re on a mission to digitize and mobilize all of them. We tokenized the dollar last year, gold last week, and much more is to come.