Popular Enterprise blockchain platform Ontology will launch new stablecoin PAXO on its own blockchain. This information comes from an official press release. It is a version of the regulated US Dollar backed stablecoin Paxos Standard. New stablecoin PAXO will be based on Ontology’s token standard OEP-4. PAXO will enable atomic swaps between the Ontology-based blockchain and other blockchains. Both organizations and individuals will find it convenient to do business in fiat terms.

According to Andy Ji, co-founder of Ontology, PAXO will lead to the shift of traditional businesses to distributed businesses. It will be a regulated, reliable, and safe platform for the investors and their digital assets.

PAX came into existence on September 10, 2018. It has the approval of the New York State Department of Financial Services (NYDFS). It is the first regulated USD stablecoin which ensures open auditing and asset safety. Also, it supports a large number of crypto exchanges, which makes it a stable digital dollar. Rich Teo, Co-Founder of Paxos Trust say, they are glad to know Ontology chose PAX as their stable coin. In the future, they can offer more business applications for Ontology. Also, it will lead to new innovation in virtual currencies.