Paxos, the blockchain trust company has issued nearly $50 million worth of its recently launched stablecoin, backed by U.S. dollar, as per a tweet from a chief employee on October 15.
As the earlier report suggests, the Ethereum (ETH) blockchain based stablecoin, nicknamed Paxos standard Token (PAX), got the approval of New York State Department of Financial Services (NYDFS) in September.
At press time, data from Etherscan shows that 50,838,503.47 PAX worth $52,275,897.44 are in circulation.
Yesterday, Dorothy Jean Chang, the vice president of marketing and communications, Paxos tweeted, which notes Paxos had only “just” announced officially the release of $36 million worth of coin during its first month since its launch, “2 hrs” before her tweet about hitting the mark of $50 million.
The hurried pace of token issuance comes as Paxos is claiming boldly to have “achieved the fastest, widest institutional adoption of any digital asset.”
Ahead of the official announcement tweet from October 15 and September 28, respectively claiming to hit the marks of $36 and $50 million, the third-party auditor of Paxos Withum released its audit report for the firm, confirming that Paxos held around $14.6 million tokens in its reserve accounts, which suggested PAX tokens in circulation at that time was roughly equivalent to this number.
Through an official announcement, the platform said “six of the top ten crypto exchanges” have listed the token, including OKEx and Binance, further adding that itBitand and OKcoin will follow soon.
PAX is not alone here in the list stablecoin names, on the same of the day of its official NYDFS approval announcement the Winklevoss twins launched their own NYDFS approved and dollar-backed, ERC-20 stablecoin, the Gemini dollar.