The concept of money has evolved over thousands of years, and yet there is still room for
improvement. The promise of digital assets—global fluidity, frictionless, democratized—has not
been fully realized. Despite the proliferation of projects, billions of dollars of resources and years
spent in development, even the leading digital asset, Bitcoin, is still plagued by significant issues
that limit its utility.
In this paper, we introduce Paxos Standard™ token, a new digital asset that is fully collateralized
one-for-one by USD, issued by the Paxos Trust Company and approved and regulated by the
New York State Department of Financial Services. We explain the advantages that Paxos
Standard brings to financial markets, allowing participants to transact in a trusted and secure,
USD-backed and denominated asset with the benefits of blockchain technology and the oversight
of financial regulators.
We believe that Paxos Standard represents a significant advancement in digital assets, leveraging
the infrastructure, oversight and stability of the traditional financial system, while operating at
the speed of the Internet.