Following approval from New York regulators, blockchain startup Paxos has launched a U.S.-dollar backed stablecoin.
With the approval from the New York State Department of Financial Services, the Ethereum blockchain-based stablecoin, dubbed ‘Paxos Standard’, is claimed by the startup to be the world’s first regulated crypto asset.
Department of Financial Services Superintendent Maria T. Vullo states: “As the financial technology marketplace continues to evolve, New York is committed to fostering innovation while ensuring responsible growth. These approvals demonstrate that companies can create change and strong standards of compliance within a strong state regulatory framework that safeguards regulated entities and protects consumers.”
Charles Cascarilla, CEO, Paxos, says: “We believe that Paxos Standard represents a significant advancement in digital assets, leveraging the oversight and stability of the traditional financial system and enabling a frictionless global economy.”