The 19th largest cryptocurrency, Ontology (ONT) is one of the top gainers today. Gaining with over 7 percent within the past 24 hours, the coin is gradually in a race to outperform other leading cryptocurrencies.
Nevertheless, ONT is the second largest gainer with 7.11 percent wherein the top gainer bagged by Tezos (XTZ), the fifteenth largest cryptocurrency with 8.23 percent over the past 24 hours.
At press time, Ontology is trading at the value $1.09 against US Dollar which consequently counting the trading volume $540,750,128. The upsurge counts ONT as the largest cryptocurrency among top 20 coins in terms of market capitalization.
However, observers are yet to identify the reason behind the mounting value of ONT, it is fairly connected to PAXOS’s announcement. As per the company’s official release, Paxos will issue new stablecoin ‘PAX” on top of ONT blockchain network. Nonetheless, this stablecoin was only available on the Ethereum blockchain (as an ERC-20 token) and will soon be live on ONT blockchain network from May.
In addition, Ontology’s blog post explains the Ontology version of PAX which intends to ‘make it easier for individuals and institutional partners to do business pegged to fiat in the Ontology ecosystem’. Per the report, PAX stablecoin on ONT will be based on Ontology’s OETP-4 token standard which shall continue using PAX as its sticker.
“The launch of PAX on the Ontology blockchain will greatly accelerate real business applications on Ontology, create more success stories of traditional businesses shifting to distributed businesses, and provide enterprise partners and institutional investors with a regulated, reliable, and safe gateway to the world of digital assets”.
What do you think about ONT’s surging value today.? What’s your stake on PAX stable coin on ONT blockchain network.? Let us know in the comment below.