Studying Stablecoins with the New Digital Dollar Paxos Standard (PAX)
Here is how the Paxos creators intend the PAX Token to work. First you deposit $1 in a Paxos Trust account. Second, Paxos mints a PAX Token. Third, you can send the Paxos Standard Token to a recipient via email, an e-commerce platform, or social media. Fourth, the recipient can spend the Pax Token or cash it in for $1.
Hence, a good way to view Paxos Standard is as a blockchain Venmo. To explain, Venmo is the popular P2P solution PayPal (NASDAQ: PYPL) owns. Venmo uses a smartphone app to make P2P payments easy to access and use.