Binance, the first cryptocurrency exchange by volume in the last 24 hours according to CoinMarketCap, has added Paxos Standard (PAX) to its recently announced collection of stable coins, USDS.
This news comes shortly after the announcement of a partnership between Paxos and payment company BitPay to enable merchants to accept PAX payments.
The token in question, PAX, was issued by a trust which was regulated and authorized by the financial services of the State Department of New York.
At the time of writing, the PAX/BTC pair is already active on Binance and more PAX trading pairs with BNB, ETH, XRP, EOS and XLM have already been announced.
This is part of recent efforts by the exchange to support more stable coins so that they can be used instead of fiat currencies.
The creation of the combined stable coin market has given rise to speculation about the arrival of a possible stable coin coined by Binance itself.
Rapidly developing stable coins
Efforts to develop new stable coins are steadily increasing.
This is partly due to the perception of the volatility of cryptocurrencies as the main obstacle to their use as real currencies.
One of the latest examples is CarbonUSD, the first stable coin made using the EOS blockchain infrastructure.
Another recent example is the stable coin being developed on the Stellar (XLM) blockchain by an Australian payment processor, Novatti Group, whose value will be linked to the Australian dollar (AUD).
The one that stands out most is perhaps DAI, the only decentralized stable coin on the market: its value is kept stable by means of crypto economic incentives programmed within smart contracts by the MakerDAO team.