Hello guys!
It's already a week since I post my last article. And now we meet again at the homework of the week from Steemit Crypto Academy. The discussion for this week's homework is still about StableCoin. There are 4 StableCoin given by professors to discuss which are: USDC, TUSD, PAX, and DGX.

What I will choose as a topic of discussion in my article is the Paxos Standard (PAX) coin.

Source

A brief History of Paxos Standard (PAX)

We all as Cryptocurrency investors know that the level of fluctuation in Cryptocurrency is still very large, many coins have suddenly increased in price drastically, but that is not a problem. However, if a coin has experienced a significant decline in price, this is a problem for investors, many investors lose their money just because of the enormous price drop for their cryptocurrency, and this is the biggest scourge for many investors.

With this problem, the Paxos Trust Company took steps to make a coin that has a stable price and pegged its price to a fiat currency so that there is no large fluctuation, the coin in question is Paxos Standard (PAX).

Source

Paxos Standard (PAX) is a StableCoin launched by the Paxos Trust Company in late 2018 which plans to build trust in investors to invest their assets into cryptocurrency by ensuring the price of this PAX token does not experience high fluctuations like other cryptocurrencies.

PAX is a token that runs on the Ethereum Blockchain and is one of the ERC20 tokens. Benchmark of the US Dollar PAX token price. This means that the price of 1 PAX token will be equal to 1 US Dollar or have a 1:1 ratio with US Dollar. So that investors do not need to exchange their crypto assets for fiat currencies in order to avoid fluctuation.

PAX tokens have spread to any exchange so PAX can be purchased easily without having to go through the official website. And all transactions on PAX will be recorded transparently, this is in accordance with the provisions of the Ethereum Blockchain which uses smart contracts so that all transactions made will be seen by everyone.

Paxos Standard Today

From the beginning of the PAX token being created in 2018 until now, which has entered the year 2021, PAX has entered the top 100 category of all cryptocurrencies, which is more precisely ranked number 90.

Source: CoinMarketCap

At the time of writing, the price of PAX tokens touched the $1.01 mark for a total MarketCap of $918,237,095.

Source: CoinMarketCap

Total volume in the last 1 day across all markets providing PAX was $52,034,532. Meanwhile, the total circulating supply in circulation is currently 912,997,890 PAX.

Source: CoinMarketCap

A Place That Provides Paxos Standard

You can get all of these PAX on exchanges that provide PAX in their list of coins. You can see some examples of exchanges that provide PAX in the image below and for more details, you can visit the CoinMarketCap website.

Source: CoinMarketCap

The Reason Paxos Standard Is So Famous As StableCoin

If we look at the red box next to the image below, it shows that the lowest price of the PAX token in the last 24 hours was $0.9977 while the highest price was $1.01. This proves that PAX has a price that tends to be stable in the last 24 hours.

Source: CoinMarketCap

If we look at the chart, we are shown that the lowest price of the PAX token is $0.975961 which occurred on March 18, 2020.

Source: CoinMarketCap

Meanwhile, the highest price that the PAX token has ever reached is $1.05451 which occurred on October 15, 2018.

Source: CoinMarketCap

Conclusion

By looking at the good stability of the PAX token, I can recommend this token to be used by investors with a note that investors must be diligent in watching the price development of the PAX token.

CC: @yohan2on
CC: @steemitblog
CC: @steemcurator01
CC: @steemcurator02