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Paxos, the company behind PAX, has a charter from the New York State Department of Financial Services, which allows offering services in the crypto asset space.
What is Paxos Standard?
Paxos Standard (PAX) is a stablecoin that allows users to exchange US dollars for Paxos Standard Tokens to 'transact at the speed of the internet'. It aims to meld the stability of the dollar with blockchain technology.