Paxos Standard (PAX) is an Ethereum-based (ERC-20) token that is backed one-to-one by USD deposits and available through Paxos. It gives users the ability to exchange value between them on the Paxos Exchange, itBit, which allows to cash out of their holdings directly and instantaneously to PAX. The token will be traded on external Exchanges as well.

Paxos accepts dollar deposits and issues Paxos Standard tokens which can be traded, transacted and transferred.