Enterprise Blockchain Ontology (ONT) announced last Saturday in a press release it plans to launch a version of the USD-backed stablecoin Paxos Standard (PAX) on its own blockchain.
The new token, which will be known as PAXO, will be based on Ontology's OEP-4 standard, allowing the token to be exchanged between Ontology's blockchain and other blockchains. Apparently, the possibility of doing this type of exchange aims to make it easier for institutions and regular users to make transactions in the Ontology ecosystem with fiat resources.
According to Ontology, "this is the first regulated USD stablecoin that guarantees an open audit, the security of the assets and is supported by a large number of exchanges."
The company says the USD reserves to which the stablecoin is linked are stored in independent accounts of FDIC-insured banks which are registered in the USA.
Why it is important
- The company claims that its currency is a real stablecoin backed by dollars, unlike other alternatives such as Tether, which, according to ONT, cannot guarantee that each token is backed by a real dollar.
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