Paxos Standard

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What is Paxos Standard? PAX tokens are deployed on Ethereum network intended to be used as a stablecoin, as they are 100% backed by US Dollar reserves. PAX is therefore pegged to the value of $1, Paxos claims the token is backed 1 to 1 and their reserves have been audited several times. PAX is a widely used stablecoin across the cryptocurrency ecosystem, however, it has seen controversy when a backdoor was discovered in their smart contract which would allow the freezing of any user's balance.