Binance, the world’s largest cryptocurrency exchange by volume, announced today it is adding six trading pairs for the Paxos Standard Token (PAX), a dollar-backed stablecoin. Starting November 29, traders on Binance will be able to trade PAX against the following assets: BNB, BTC, ETH, XRP, EOS, and XLM. According to Etherscan, there is currently ~$138M worth of PAX circulating in the market. The addition of PAX as a base currency offers Binance’s traders an alternative to USDT.
“Demand for PAX has grown very quickly since we launched just over two months ago, making it clear that traders want a stable, regulated and transparent stablecoin,” said Charles Cascarilla, Paxos co-founder and CEO. “Binance is responding to this demand by giving traders the ease of PAX-denominated trading. We believe this will help bring greater confidence and stability to crypto markets at large.”