We are excited to announce that the Paxos Standard token (PAX) is now a settlement option for BitPay merchants around the world. BitPay is the first and most experienced company in bitcoin payments and we’re thrilled they have chosen PAX to incorporate into their merchant-facing product. BitPay merchants and businesses now have the option to receive settlements in PAX, the digital equivalent to the US dollar.
With our partnership, Bitpay and Paxos are giving business owners the speed and accessibility of cryptocurrencies combined with the trust and stability of the US dollar. This new settlement option is particularly valuable for overseas businesses that have limited access to a currency as stable as the U.S. dollar.
Paxos Standard is the first digital asset to be approved and overseen by a regulator. Merchants can be confident with PAX knowing that every coin in circulation is backed by a U.S. dollar held in an FDIC-insured bank.
Our team has worked hard to create the most trusted stablecoin in the market. Within just two months of launch, PAX has already become the most traded stablecoin that is backed 1:1 by the dollar. This integration with BitPay marks the start of PAX usage in real-world commerce, with much more to come!