Buy Pax Dollar

Pax Dollar

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StablecoinAsset type
2018Active since
Official site

What is Pax Dollar?

Pax Dollar is a US-dollar pegged stablecoin built on the Ethereum network. At all times the value of a single USDP token is tied to 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 tokenised 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, PayPal’s stablecoin PYUSD is built on USDP.

How does USDP maintain its value?

USDP maintains its value by purporting to back each token 1:1 with US dollars held by Paxos Trust Company, LLC on the holder’s behalf. The US dollars used to purchase USDP are either deposited in US FDIC-insured depository banks or used to purchase debt instruments that are expressly guaranteed by the full faith and credit of the United States Government and/or money-market funds composed of such debt instruments.

Monthly attestations are conducted to ensure that for every USDP in circulation, there is a corresponding US dollar or debt instrument in reserve.

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What risks should I be aware of when purchasing USDP?

Paxos must comply with any legal directive to freeze, temporarily or permanently, user access to USDP or the US dollars backing the USDP with or without advance notice. USDP tokens or the underlying US dollars may be subject to seizure or forfeiture by formal written legal directive from a regulator, judicial body, law enforcement agency, or other legal entity having jurisdiction over Paxos.

Paxos also has the right to refuse redemption of USDP at its sole discretion.

Paxos releases monthly attestations reports issued by WithumSmith+Brown, PC, an independent third-party accounting firm, which contains USDP’s attestations about their consolidated assets and liabilities. Customers should note that this is not the equivalent of a full independent audit report on Paxos’ reserves.

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