Paxos, the startup behind the Paxos Standard (PAX) stablecoin, said it has so far issued a total of $50 million-worth of the U.S. dollar-pegged cryptocurrency since its official launch last month.
Dorothy Jean Chang, vice president of marketing and communications for Paxos, announced in a tweet on Monday that in the month since the company rolled out PAX on Sept. 10, it had issued $36 million-worth of the stablecoin in exchange for U.S. dollar deposits.
"And now… we are over $50M already," the spokesperson added, hinting more than $14 million-worth of PAX could have been issued in just the past several days.
In addition, Withum, an independent auditing firm that inspects Paxos' U.S dollar reserve on a monthly basis, released an audit report on Sept. 28, which indicated that the firm held about $14 million, backing the roughly 14 million PAX it had issued.
The news also comes at a time when the cryptocurrency market has seen controversy surrounding USDT – the U.S. dollar-pegged crypto launched by Tether – which tanked to its 18-month low on Monday to around $0.95, as CoinDesk reported.