Paxos Standard is a fiat-collateralized stablecoin that offers the advantages of transacting with blockchain-based assets while mitigating price risk. The Paxos Standard tokens (PAX) are issued as ERC-20 tokens on the Ethereum blockchain and are collateralized 1:1 by USD held in Paxos-owned US bank accounts. It is also the one of three stablecoins approved by Wall Street regulators, alongside GUSD and BUSD.