Paxos Now Allows for Instantaneously Redeeming Unlimited Amounts of PAX for USD
Every PAX deposited on the company’s platform can now be immediately sent as USD to a bank account.
The company behind the Paxos Standard (PAX) stablecoin announced that its users can now instantaneously redeem unlimited amounts of its tokens for United States dollars. The development was described in a blog post published on May 13.
Per the announcement, every PAX deposited on the company’s platform can now be immediately sent as USD to a bank account without minimal redemption requirements or fees for deposits or withdrawals. The company claims:
“We launched PAX with a 1 day redemption window, which was groundbreaking. Then we moved to four-hour windows. Now, we’re setting precedence again by offering immediate redemptions today. ”
The company’s new platform reportedly shows PAX and USD as one single balance shown in USD, motivated by the company’s vision of its token as the digital dollar.