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Paxos Standard (PAX) is an ERC-20 stablecoin backed 1:1 by US dollars held in reserve accounts, designed to provide a reliable medium of exchange and store of value on the blockchain. Its key features include regulatory oversight by the New York State Department of Financial Services, regular third-party audits to verify reserves, and the ability to redeem tokens directly for US dollars. PAX differentiates itself through its emphasis on regulatory compliance and transparency, making it suitable for institutional and retail users seeking a trustworthy dollar-backed digital asset.