Hi friends, how are you, I hope you are all right, today I will make a review of Stable Coin, here I will take part in this week's homework, which is week-7 of the Supervisor's assignment by @yohan2on. The discussion of this course is ; Homework on stable coins: part2 will be detailed and I want to write on Paxos Standard (PAX). Keep reading to find out what I have to say about him, without wasting a lot of time let's get started writing my homework, Okey? :)

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Introduction

So, because we are here for learning purposes, then I will start a discussion to explain about the coins I chose from 4 assignment options this week. I chose Paxos Standard (PAX), the main reason for choosing PAX is because it is under the supervision of the New York Department of Financial Services (NYDFS) in managing the financial services sector. Of course all types of investment have a profit and loss impact, it will never escape the name of an investment, but it is also important to remember how carefully we are in choosing and spending assets in the crypto world. That is the main key here.

What is Paxos Standard (PAX)?

Paxos is a company that makes a stable coin similar to USDT using the Ethereum Blockchain called Paxos Standard (PAX), PAX was created in September 2018 and obtained permission from regulators in the United States, in this case it is a NYDFS supervisory agency.

Why and how to use Paxos Standard (PAX)?

Since I think this is a safe stable coin, they are a company that is supervised by a state agency, so it can be said that PAX is guaranteed their accounts with real dollars. Every month the company publishes financial reports on its PAX Website

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You can see each report about PAX, you can view the monthly financial statements PAX here, I cite them for the past year;

Mount	Date	Year	PAX	USD
February	26	2021	$885,684,771.28 PAX	$885,684,771.28 USD
January	29	2021	$650,835,529.60 PAX	$650,835,529.60 USD
December	31	2020	$335,773,305.38 PAX	$335,773,305.38 USD
November	30	2020	$404,707,843.40 PAX	$404,707,843.40 USD
October	30	2020	$430,492,715.57 PAX	$430,492,715.57 USD
September	30	2020	$293,973,832.60 PAX	$293,973,832.60 USD
August	31	2020	$253,716,532.77 PAX	$253,716,532.77 USD
July	31	2020	$253,716,532.77 PAX	$253,716,532.77 USD
June	30	2020	$239,494,530.17 PAX	$239,494,530.17 USD
May	29	2020	$246,242,928.21 PAX	$246,242,928.21USD
April	30	2020	$254,895,948.61 PAX	$254,895,948.61USD
March	31	2020	$248,237,336.10 PAX	$248,237,336.10 USD

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PAX audit results Screenshot

PAX can be exchanged using dollars or our national currency, in my country, Indonesia. PAX can be exchanged through the Triv.co.id crypto exchange. Some people in Indonesia also use PAX as an alternative for sending money between countries. The cost of sending PAX using Triv is very cheap, which is only 1 PAX, cheaper than using USDT.

Conclusion

Generally, Stable coin present an alternative that in my opinion is better for conducting a payment transaction compared to using traditional currencies. so that using stable coins can provide more benefits in life. PAX is an alternative that I mean here. The more financial institutions and technology companies prioritize crypto as a spending currency, the easier transactions will become in this world.

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Thank you to all friends for reading my post. Professor @yohan2on, here's my entry for the week 7 homework assignment.

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