According to PANews, a spokesperson for Paxos has clarified that the recent decoupling of the Pax Dollar (USDP) stablecoin was due to issues with pricing aggregators, not the protocol itself. These platforms extract pricing data from trading venues. Yesterday, prices at certain venues surged dramatically, affecting the price of USDP on pricing aggregators. Paxos does not control the markets or trading activities of other trading venues. Despite temporary price fluctuations, USDP will always be redeemable through Paxos at fair value.
Data from CoinMarketCap indicates that the decoupling occurred on April 17th during a significant increase in USDP's market value. The market value of USDP briefly rose from $140 million to $181 million, with the token reaching $1.29. The market value of USDP fell back to $140 million when it returned to parity with the dollar. The current market value of USDP is $134 million.