Crypto firm Paxos has inked a partnership to offer the Paxos Standard stablecoin (PAX) as a settlement option for BitPay merchants.

PAX, introduced two months ago, is said to have the highest trading volume of any US dollar-backed stablecoin.

According to Paxos, PAX is the fastest growing stable cryptocurrency. It can be purchased or redeemed 1:1 with US dollar.

Paxos CEO and co-founder Charles Cascarilla said: “Paxos Standard gives financial markets the power to transact in a fully USD-backed asset with the benefits of blockchain technology and oversight from financial regulators.

“This new partnership allows merchants to settle seamlessly into a digital asset they can use globally, actualising the promise of cryptocurrencies.”

The PAX stablecoin was approved by the New York State Department Financial Services and is said to be the first token issued directly by a regulated trust company.

BitPay co-founder and CEO Stephen Pair said: “BitPay is fully committed to transforming the financial industry through blockchain technology. We are furthering this mission by allowing our customers around the world to receive fast and low-cost settlement using the USD-backed Paxos Standard token.”