Featured PAXOS partners with TrueChain to issue $120 million stable coins in PAX
TrueChain is now announcing the launch of a USD PAX-backed token on TrueChain (TRUE) in June this year. PAX is allegedly the world’s first regulated USD stablecoin issued by Paxos Trust with the approval of the New York Department of Financial Services.
The TrueChain-based PAX is a TERC-20 token on TrueChain’s main net and will enable smart contract programming on TRUE, faster transactions on TRUE’s decentralized blockchain infrastructure, an extremely low transfer fee, and full transparency.
The TrueChain based PAX stablecoin will also allow TRUE-based Decentralized Applications (Dapps), TRUE-based on-chain assets and TRUE-based protocols to add fiat pegged currencies on TrueChain’s main net.
Users will be able to deposit via Paxos’ portal or through APIs. Specific guidelines will be released by TrueChain prior to the launch in June 2019.
The entire supply of PAX is backed by USD at FDIC-insured U.S. banks. PAX is under monthly audits by a nationally-ranked top auditing firm and is always redeemable one-to-one with USD.
“TrueChain is committed to be the next generation of blockchain infrastructure. It is the world’s first public chain that implemented fPow+ PBFT hybrid consensus and has a strong global open source developer community supporting it. TrueChain provides the underlying public blockchain infrastructure with high performance, security for decentralized application (DApp) and global asset transaction,” says Eric Zhang, TrueChain’s CEO.
TrueChain is tradeable on ZBX, a recently launched exchange based in Malta.