Blockchain startup Paxos launches regulated stablecoin

The Paxos Standard Coin is an Ethereum-based stablecoin that is fully-collateralized at a one-to-one ratio to the U.S. dollar. Dollar deposits backing the Paxos Standard Coin are held by U.S. banks subject to oversight by the FDIC. Paxos Standard Coins are burned upon redemption to maintain their dollar ratio.