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What is USDP (Pax Dollars)?

Thu Aug 04, 2022 12:56 pm

On the Ethereum blockchain, Pax Dollars are created as ERC-20 tokens and backed 1:1 by the USD stored in US bank accounts owned by Paxos. In accordance with New York State banking law, Paxos, a trust business governed by the New York State Department of Financial Services, manages and issues Pax Dollars.

Core Features of USDP


Pax Dollar is made to take advantage of the most recent advancements in blockchain technology to enhance the way money works while still being supported by established infrastructure that can guarantee its reliability.

With an Ethereum wallet, anyone may send or receive USDP. On the Ethereum network, transactions are controlled by smart contracts that follow the ERC-20 standard. Transactions are now error-free thanks to this smart contract, and the system solely follows its instructions.
The USDP can be listed on exchanges all over the world. It can be used as a stand-in for understanding the dollar's worth in relation to other digital assets because it is backed by the dollar.

Users will be able to opt to cash out of their holdings directly and instantly to USDP rather than cash through the Paxos exchange, itBit. Also offering USDP OTC trading is itBit.
To facilitate settlement against any kind of asset, including cryptocurrency, security, and asset tokens, or for payments, USDP is available around-the-clock. USDP can go anywhere, at any time, in contrast to currency, which can only be used to settle trades during bank business hours.
Built on the Ethereum blockchain, USDP is a programmable token that can interact with a wider global token community, assisting in the development of a stable worldwide platform for programmable money.

Recent USDP Price & Performance

As a stablecoin, USDP has a relatively narrow price range. According to MEXC Exchange, It reached the highest price (ATH) of 1.1091 USD on April 11th, 2022. The lowest price of USDP since the ATH date was 0.00000079989 USD on June 20th, 2022.

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