Coins
21,700
Market Cap
$2,723.92 B USD
24H Change

+1.32%

24H Volume
$85.28 B USD
Dominance
BTC: 49.79%, ETH: 16.45%
ETH Gas
6 Gwei

USDP

Pax Dollar

USDP

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$1.00 USD

N/A

(24H)

0.00001442 BTC

-1.55%

(24H)

Pax Dollar Price Chart (USD)

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Market Cap (USD)

$145.95 M

24H VOLUME (USD)

$2.08 M

Circulating Supply

145.73 M USDP

Max Supply

N/A

Total Supply

145.73 M USDP

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General Information

Social Channels

Contract Address

  • icon

    Ethereum

    0x8e870d67f660d95d5be530380d0ec0bd388289e1


  • icon

    BNB Smart Chain (BEP20)

    0xb7f8cd00c5a06c0537e2abff0b58033d02e5e094

About Pax Dollar

Rank #390

Pax Dollar Price Summaries

Latest Data

Pax Dollar’s price today is US$1.00, with a 24-hour trading volume of $2.08 M. USDP is +0.00% in the last 24 hours.USDP has a circulating supply of 145.73 M USDP.


What is Pax Dollar?

Pax Dollar (USDP) is a stablecoin created by Paxos, a licenced trust firm and financial institution that ensures the backing of the tokens with US dollar deposits. With the USDP, Paxos created a token that combines the confidence and stability of fiat money with the usefulness and immediacy of digital assets.

A brief history of Pax Dollar

Paxos, the company behind Pax Dollar, was founded by Charles Cascarilla and Rich Teo in 2012. In September 2018, it launched Paxos Standard, which is what the Pax Dollar was called back then. PAX, now USDP, is a fiat-collateralised stablecoin backed by US$ in accounts maintained by the business at US depository institutions.

The New York Department of Financial Services (NYDFS) announced on 10 September 2018 that Paxos and Gemini were the first virtual currency organisations to be given a Trust charter. According to the charter, Paxos is able to provide regulated services involving crypto assets and virtual commodities. On 27 September 2018, PAX (now USDP) officially started trading, in line with Paxos’ vision of building a world in which digital assets, commodities, and securities may be moved anywhere and at any time.

On 24 August 2021, Paxos rebranded its Paxos Standard stablecoin as Pax Dollar with the ticker USDP. According to the company, the USDP ticker more easily identifies the Pax Dollar as a US dollar-backed token, especially as more companies and consumers enter crypto markets and require a safe, dollar-based solution.

How Pax Dollar works

Pax Dollar, or USDP, is a token that is backed 1:1 by cash and cash equivalents. Available through Paxos, USDP can be exchanged or redeemed for US dollars. Upon redemption, USDP tokens are immediately removed from the supply. In effect, USDP tokens are only in existence when the corresponding dollars are in custody.

USDP adheres to the standard ERC-20 protocol and is a smart contract on the Ethereum blockchain. Most Ethereum-compatible exchanges and wallet apps currently enable viewing and exchanging USDP. While Paxos handles the initial issue of a token and redemption of tokens for USDP, all further USDP transactions are handled by a smart contract built to the ERC-20 standard.

Paxos takes dollar deposits and creates USDP, which may be readily exchanged, transacted, and transferred. The digital asset market is fluid, global, and rapid, but it confronts significant hurdles when moving digital assets for fiat due to the inherent delays in the old banking system. USDP allows customers to preserve the liquidity and stability of their digital assets.

What is Pax Dollar used for?

Pax Dollar offers a digital ‘home base’ for the dollar, with rapid settlement upon cashing out to USDP rather than USD. In other words, Pax Dollar facilitates the speedy and efficient settlement of the cash component of digital asset transactions, and regular traders can choose to keep currency in USDP rather than USD due to its usefulness and liquidity.

Pax Dollar is a standard blockchain-based payment that can be used everywhere. Built on the Ethereum blockchain as an ERC-20 token, Pax Dollar offers usefulness across various applications and an instant global potential footprint.

Pax Dollar works as a digital currency accepted for worldwide payment, reducing the friction associated with international payments, such as cross-border remittances, global transactions, and commerce

More about Pax Dollar

Website

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USDP Price Statistics

Pax Dollar Price

$1.00

24h high / 24h low

N/A

7d high / 7d low

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30d high / 30d low

N/A

90d high / 90d low

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All-time high / All-time low

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Trending

Currency Converter

Amount

USDP

USDP

1 USDP = 1.00 USD

Rate is for reference only. Updated

General Information

Social Channels

Contract Address

  • icon

    Ethereum

    0x8e870d67f660d95d5be530380d0ec0bd388289e1


  • icon

    BNB Smart Chain (BEP20)

    0xb7f8cd00c5a06c0537e2abff0b58033d02e5e094

USDP Price Statistics

Pax Dollar Price

$1.00

24h high / 24h low

N/A

7d high / 7d low

N/A

30d high / 30d low

N/A

90d high / 90d low

N/A

All-time high / All-time low

N/A

Trending

Company

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