What is PAX ?
PAX is the regulated USD stablecoin issued by Paxos. PAX, approved and regulated by the NYDFS (New York State Department of Financial Services), is issued by the Paxos Trust Company with fully backed 1:1 USD reserve. PAX is available on the most liquid exchanges and can also be purchased with USD directly at Paxos, without any creation or redemption fees. Customer funds are held in segregated accounts at FDIC-insured, U.S.-domiciled banks, regulated and audited with monthly [attestation](https://www.paxos.com/attestations/) provided by Withum. Paxos Trust Company has engaged Withum, a nationally top-ranking auditing firm, to independently verify at specific points in time that the entire supply of Paxos Standard tokens is consistent with USD in reserve accounts at U.S. banks held and managed by Paxos. **⚠️ WARNING:** There's no official Telegram/Discord group nor channel for PAX currently.