Pax Dollar is a US-dollar pegged stablecoin built on the Ethereum network. At all times the value of a single USDP token is one US dollar, hence the term stablecoin.
For every USDP in existence, Paxos guarantees that there is one US dollar sitting in their reserves. USDP is, in essence, a tokenized dollar, permitting holders to make transactions on the crypto markets as if they were using actual US dollars.
Paxos is different from other stablecoins in that they also allow other companies to use USDP to create and brand their own stablecoins. For instance, Binance’s internal stablecoin BUSD is built on USDP.
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