Paxos Rebrands Its Standard Stablecoin to Pax Dollar

Divya  |  Aug 25, 2021

The crypto market is having another eventful week, however, two major developments are grabbing investor eyeballs. First, the rebranding of Paxos Standard stablecoin to Pax Dollar, and second Bitcoin ETFs likely securing SEC approval by November. Here is a detailed look at these reports.

Paxos Renames Its Stablecoin to Pax Dollar

Blockchain infrastructure firm Paxos is renaming its Paxos Standard stablecoin to Pax Dollar. 

In a Tuesday announcement, Paxos highlighted that its rebranded offering would trade under the USDP ticker to make it more easily distinguishable as a US dollar-pegged stable currency. 

“USDP is regulated and redeemable one-to-one for US dollars. This name makes it obvious to anyone – USDP is a dollar,” the firm’s head of strategy Walter Hessert, said in a prepared statement.

Paxos has also requested its ecosystem partners to showcase the latest changes before the network’s updated smart contract goes live on August 31.

Bloomberg Strategist Believes Bitcoin ETFs Will Likely receive Approval by November

Bloomberg’s senior ETF analyst Eric Balchunas took to Twitter on Tuesday to offer his opinions on the recent Ether ETF withdrawals by VanEck and ProShares.

While citing ETF analyst James Seyffart, Balchunas said that the Ether withdrawals add to the “likelihood that a bitcoin futures ETF will be launched by end of October with ProShares as favorite.”

The financial expert further speculated that the US Securities and Exchange Commission might be in touch with ETF issuers and companies themselves might be sorting out some final details to launch 75 days after filing. 

He added that Profound’s Bitcoin mutual fund, which launched 77 days after filing, was brought to the market similarly.

“We think Ether withdrawal shows SEC has nose in this and is in [regular] contact with issuers which should mean any kinks ironed out so that they can launch 75 days after filing. Further, ProFunds' bitcoin MF was launched 77 days after filing,” Balchunas noted.

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