Pax Dollar (USDP)
| Market Cap | $875,670,755 |
|---|---|
| Trading Volume | $2,206,728 |
| Volume / Market Cap | 0.002520 |
| Total Supply | 878,084,065 USDP |
| Max Supply | – |
Pax Dollar is currently trading at $1.00, after a price change of -0.43% in the last 24 hours.
Ranked as cryptocurrency #45 by capitalization today, USDP market cap is valued at $875,670,755. USDP trading volume reached $2,206,728 in the last 24 hours. We track cryptocurrency data live in real-time. Make your own forecast on USDP coin price prediction page.
What is Pax Dollar?
Pax Dollar is a stablecoin backed one-to-one by the cash and cash equivalents held in US-domiciled bank accounts by Paxos Trust Company. The token is built on the Ethereum blockchain as an ERC-20 standardized digital asset. The stablecoin, regulated by the New York State Department of Financial Services, aims to stabilize the dollar using blockchain technology.
Paxos is secured through the proof-of-reserve system that ensures that the amount of USDP in circulation matches the value in the platform’s bank accounts. The protocol releases monthly audit reports about the backing. Its smart contracts have been audited by Nomic Labs. Paxos remains with the sole responsibility of altering the supply of USDP in circulation, but all other transactions are executed based on ERC-20 standards.
There are 945,642,940.11 circulating USDP tokens from a total supply of 945,642,940 and no available hard cap. A user who wishes to redeem USDP for fiat currency sends the token to an address that is managed by Paxos, where they are destroyed, and an equivalent amount in fiat is transferred to the user’s bank account.
Pax Dollar was founded in 2018 by Charles Cascarilla and Rich Teo.