Ontology is about to launch Paxos Standard Stablecoin on its blockchain. Paxos is a cryptocurrency which is pegged 1:1 with the U.S. Dollars. Currently, Paxos is an ERC-20 token. The stablecoin would be launched in May 2019.
OEP-4 token standard
Ontology says that this launch will make it easier for individuals and businesses, who are using ONT token, to transact between fiat-pegged tokens. However, while Paxos is only an ERC-20 token, Ontology wishes to expand this by putting Paxos on their blockchain OEP-4 token standard.
Also, Paxos Standard will continue to use PAX as their ticker symbol alongside with Ontology’s OEP-4 standard. Also, it will enable atomic swaps between the Ontology blockchain and blockchain network.
$100 million worth of Paxos
The announcement says that Ontology will issue about 100 million new Paxos stablecoins depending on the demand. However, it is not clear how this will play out. Whether Ontology will just add 100 million Paxos coins to the Paxos circulating supply or whether there will be a separate coin and they would co-exist. We asked this on Ontology’s public telegram channel and the admin “Patrick Van Oorschot” replied that more details will be during May when the token will launch.
Paxos has authorized Ontology to issue these tokens through their partnership.
“The launch of PAX on the Ontology blockchain will greatly accelerate real business applications on Ontology, create more success stories of traditional businesses shifting to distributed businesses, and provide enterprise partners and institutional investors with a regulated, reliable, and safe gateway to the world of digital assets.”Ontology co-founder Andy Ji