If the year 2017 was year of ICOs, the year 2018 seems to be year of Dollar-backed stablecoins. According the Etherscan Paxos untill today issued 50,838,717.34 PAX which are ERC-20 tokens based on Ethereum. Paxos received approval from the New York State Department of Financial Services (NYDFS) in early September. With support of popular exchanges Binance, OKEx, Gate.io, ZB, KuCoin and DigiFinex has achieved the fastest and widest institutional adoption of any digital asset. Alternatives to Paxos Standard token are stablecoins Tether (USDT), Dai (DAI), TrueUSD (TUSD), USD Coin (USDC), and Gemini Dollar (GUSD) which combine together represents more than $2,5 billion.
“Paxos Standard is the first digital asset issued directly by a financial institution and the first to be approved and overseen by a government regulator (the New York State Department of Financial Services). PAX can always be purchased or redeemed 1:1 with USD”
