Pax Dollar (USDP) Feed: Events, News & Roadmap
Pax Dollar Events on the Chart
What is Pax Dollar?
Pax Dollar (USDP) is a fiat-collateralized stablecoin launched in September 2018 by Paxos, a regulated financial institution licensed by the New York State Department of Financial Services (NYDFS). It is designed to provide price stability and secure blockchain transactions by maintaining a 1:1 peg with the U.S. dollar, offering users a digital equivalent of fiat currency that can be easily integrated into blockchain-based financial systems.
Pax Dollar operates on a full-reserve model, meaning that every USDP token is backed 1:1 by U.S. dollars held in Paxos-owned bank accounts at regulated U.S. depository institutions. USDP is issued as an ERC-20 token on the Ethereum blockchain, ensuring compatibility with a wide range of DeFi applications, exchanges, and wallets. This model guarantees liquidity, transparency, and stability, making it a reliable medium for digital transactions.
USDP functions as a stable, blockchain-based representation of USD, allowing seamless conversion between fiat and crypto assets. It is used for cross-border transactions, DeFi applications, and as a stable medium of exchange in blockchain ecosystems. The regulated framework and transparency of Paxos ensure the token’s credibility, making USDP a trusted option for users seeking price stability, security, and accessibility in the digital asset space.