Pax Dollar
USDP
Crypto
Stablecoin
USD 1.00-0.09%
Pax Dollar
UMushroom community rating:
About
Stablecoin
Categoryn/a
Consensus MechanismL2
L1/L2Asset backed
Sub-cateegoryethereum
Ecosystem2018
Year of creation
Description
Pax Dollar (USDP) is a Stablecoin crypto token. Pax Dollar was founded on 2018-09-27 on the ETHEREUM ecosystem. More information can be found at https://www.paxos.com/usdp/.
Key Technical Advantages:
USD-Backed Stablecoin: Pax Dollar (USDP) is a digital dollar token that is backed one-for-one by cash and cash equivalents. It is issued by the Paxos Trust Company and is approved and regulated by the New York State Department of Financial Services. Built on Ethereum: USDP is built on the Ethereum blockchain, following the ERC-20 protocol. It leverages smart contracts for seamless and error-free transactions, making it a programmable token that can participate in the larger global community of tokens. Issuance and Redemption: Paxos issues USDP directly without the need for any middlemen, resulting in more efficient operations, shorter redemption windows (redeemable within one business day), and lower fees. Upon redemption, USDP tokens are removed from the supply. Trust and Regulation: Paxos operates as a trust company under New York State banking law and ensures that customer funds are completely segregated, held in FDIC-insured US banks or backed by US government treasuries. Use Cases: Early use cases for Pax Dollar include serving as a means of payment for blockchain-based assets, hedging during times of volatility, executing complex programmable digital asset transactions with less volatility, settling assets with fiat currency outside of traditional banking hours, and providing an alternative to unregulated or unstable offerings for digital-asset custodians and exchanges. Content summarized by AI chatbotSource:
https://standard.paxos.com/whitepaper.pdfKey figures
-0.03%1Y
-0.09%3Y
0.01%5Y
Performance
1/ 11D
1/ 01M
1/ 01Y
Highs/ Lows
01.07.2024
USD 1.18
All Time High
84.50%
% of All Time High
-15.92%All Time
-15.92%1 year
Max drawdown
#490
Ranking by Market Cap
93.48 M
Market cap (USD)
0.00%
% of Market
202.691 B
Category Market Cap (USD)
0.05%
% of Category
93477694
Circulating Supply
93477694
Liquid Supply
100.00%
Liquid/ Circulating Supply
N/A
Not Available Currently
Max Supply
N/A
Not Available Currently
Circulating/ Max Supply
1606226
Volume Traded
2.94%
Volume Traded/ Market Cap
Ratings & reviews
Performance:
0.00
Innovation:
0.00
Society:
0.00
Nature:
0.00
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