Paxos Debuts Fiat Gateway With Binance Crypto Exchange as Its First Client

Leading cryptocurrency exchange Binance became the first cryptocurrency exchange to implement the fiat gateway of stablecoin operator Paxos. On Nov. 12, Paxos announced the launch of its Fiat Gateway, a service that allows its users to swap between dollars and stablecoins on a one-to-one basis.

In June, Paxos allowed its user to deposit fiat currency onto its platform and have the balance appear directly in PAX stablecoins in their Binance accounts. An interoperable, open system In addition to its Fiat Gateway, Paxos announced a second application programming interface (API) dubbed Stablecoin Swap that will allow 1:1 swaps between Paxos-based stablecoins.

Timeline of Paxos-standard-token