Ontology, a subsidiary trust of R&D blockchain company Onchain, is going to launch a stablecoin pegged 1:1 to the U.S. dollar, dubbed Paxos Standard (PAX) coin, on its blockchain platform later this month.

Ontology will issue up to 100 million PAX on its network, more or less depending on clients’ demands. This launch is expected to simplify cross-chain transactions from fiat to cryptocurrencies and back for both individual and corporate clients using Ontology’s native token ONT and within the ecosystem.

Paxos Standard stablecoin was launched last September by blockchain startup Paxos and legally approved by the New York Department of Financial Services (NYDFS). The new type of this stablecoin will reportedly keep the same ticker symbol.

Up until recently, PAX stablecoins have been exclusively available as ERC-20 tokens on the Ethereum blockchain. However, as per the partnership between Ontology and PAX stablecoin creator Paxos Trust Company, now PAX can be issued by Ontology too.

Andy Ji, co-founder of Ontology, addressed the launch as greatly beneficial to “real business applications on Ontology, create more success stories of traditional businesses shifting to distributed businesses,” according to crypto news outlet Coindesk.

Meanwhile last month, Tether has announced the launch of its USD-pegged stablecoin USTD on the TRON (TRX) Blockchain, as reported by The Crypto Sight.