Paxos Trust Company, which is the issuer of the Paxos Standard (PAX) stablecoin, has announced today a new service called Fiat Gateway that helps users to swap between dollars and stablecoins.
According to the official announcement, cryptocurrency exchange Binance will be the first exchange to integrate the service. Binance CEO Changpeng Zhao claims the new Fiat Gateway "is the fastest, simplest U.S. dollar on/off-ramp" for the exchange clients.
"We look forward to working more closely with Paxos to integrate additional solutions," Zhao added.
Fiat Gateway service enables Paxos-powered stablecoins to be treated as interchangeable with each other, 1:1. Whereas these capabilities were previously only available for customers transacting directly on the Paxos.com user interface, now they can be integrated into other platforms via API.
Earlier iHodl reported that Binance is collaborating with mobile phone maker HTC to develop a smartphone-compatible with Binance Chain, Binance's native blockchain Phil Chen, head of HTC's decentralized department.
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