About Pax Dollar (USDP)
Pax Dollar (USDP) is a collateralized stablecoin linked directly to the US dollar. Designed to allow cryptocurrency users to transact with fiat-based tokens while delivering the advantages of blockchain technology, Pax Dollar — formerly named Paxos Dollar — facilitates crypto transactions while mitigating market volatility.
Every USDP is backed by one US dollar held in reserve and integrates a number of features that differentiate it from other stablecoins. USDP can be redeemed for US dollars at any time and is subject to regulatory oversight by the New York State Department of Financial Services (NYSDFS).
USDP is an ERC-20 token collateralized in US-based Paxos-owned bank accounts, which are subject to regular audits published via monthly attestations.
In January 2023, Paxos partnered with MakerDAO to launch a new stablecoin called USDD, which will be backed by both the US dollar and MakerDAO's Dai stablecoin. The collaboration aims to create a more secure and transparent stablecoin that can be used for various purposes, such as trading and remittances. The partnership also involves the integration of Paxos' regulated stablecoin infrastructure into the MakerDAO ecosystem, providing greater accessibility and liquidity for users.
The current price of USDP is updated and available in real time on Binance.