$8M Worth of Stablecoin PAX Surprisingly Just Minted
A relatively rare event, it has been reported that $8M of Paxos Standard (PAX) was just minted at PAX Treasury.
For the first time in a while, the PAX Treasury is minting another batch of tokens which will soon be entering the market. It’s a rare moment that indicates the stablecoin wants to increase its profile in 2020.
PAX Treasury Mints Another $8M
Stablecoin treasuries appear to be busy today with another $8M of PAX just being minted. Whale Alerts (@Whale_Alert) reported on the new money entering the market earlier today.
8,075,112 #PAX (8,077,910 USD) minted at PAX Treasury — Whale Alert (@whale_alert) December 16, 2019
The newly-minted stablecoins have yet to enter the market, but this is a positive development for those hoping for some relief after Bitcoin’s drop today. The leading cryptocurrency is currently trading at just above the $6,900 price point and the market is in a relative panic.
PAX Treasury may be seeing an opportunity to boost its profile in the market after reports emerged that Tether (USDT)’s trading volume and market capitalization appears to be on shaky footing. The project still remains a relatively marginal project among stablecoins, however.
Remaining a Relatively Marginal Stablecoin
Paxos Standard is one of the lesser-known stablecoins in the market, but nonetheless has a significant market capitalization of $237M. It is not known to mint more currency often, so this is a noteworthy event. Perhaps we can expect more PAX to enter the market in 2020.
However, the asset has not been popular as a trading pair on most of the major exchanges. In early October, Binance delisted a few altcoin trading pairs with PAX due to low-to-nonexistent volume.
Overall, the development surrounding this stablecoin has been relatively quiet this year. As BeInCrypto reported on in March, the stablecoin did try to launch yet another gold-backed cryptocurrency but the future of this project is unclear. Paxos Standard is still a relatively new stablecoin, however, having been launched just last year.
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