Who owns Pax coin?

ItBit, a bitcoin exchange run by Paxos, was the first bitcoin exchange to be licensed by the New York State Department of Financial Services, granting the company the ability to be the custodian and exchange for customers in the United States. … Paxos Trust Company. FormerlyitBitWebsitepaxos.comPaxos Trust Company – Wikipedia en.wikipedia.org › wiki › Paxos_Trust_Company

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Is Pax a stablecoin?

Paxos, the company behind the Paxos Standard stablecoin (PAX), has announced that it is changing the name of its crypto asset. Paxos Standard is now Pax Dollar, and you’ll soon be able to identify it on your favorite cryptocurrency exchange, wallet or explorer under the USDP ticker.

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Is Pax backed by USD?

Each Paxos Standard stablecoin token is fully backed by an appropriate dollar reserve held at U.S.-domiciled Federal Deposit Insurance Corporation (FDIC)-insured banks . Auditing firm Withum will be responsible for the necessary attestation procedures on the reserve accounts and PAX tokens on a month-end basis.

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