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Buy Pax Dollar in the UK

Pax Dollar

USDP
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£0.000GBP
Figures shown refer to the past. Past performance is not a reliable indicator of future results. Pricing data is sourced from CoinJar's proprietary price index, which considers prices on CoinJar Exchange and third parties including Coinbase, Kraken, Gemini, Bitstamp, CoinMarketCap and CoinGecko.
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Overview

#346Popularity
StablecoinAsset type
2018Active since

What is Pax Dollar?

Why Invest in Pax Dollars (USDP)?

Why do investors buy Pax Dollars (USDP)? The Pax Dollar, often abbreviated as USDP, belongs to the category of stablecoins.

Note, where you see the following symbol “*“, please note the standard risk warning at the bottom of the article.

A stablecoin is a cryptocurrency that is “pegged” to an asset considered stable, like gold or a fiat currency, like the Euro or the US Dollar. The primary purpose of stablecoins is to provide stability in an otherwise volatile cryptocurrency market.*

How USDP Works

USDP is issued by Paxos Trust Company, a financial institution. Paxos Trust Company holds a charter from NYDFS, ensuring compliance with US financial regulations. It is backed one-to-one by US Dollars. For every USDP in circulation, Paxos says that there is an equivalent US Dollar held in reserve by them. This parity ensures the stability of the USDP, shielding it from the erratic price movements common in the crypto market.*

USDP operates on blockchain technology, the same decentralised, distributed ledger system that underlies cryptocurrencies like Bitcoin and Ethereum.*

USDP can be used for various financial transactions, like trading on cryptocurrency exchanges, buying things, and as a form of savings.*

Stability and Protection

The Paxos Trust Company aims to ensure that Pax Dollars are fully backed by cash and cash equivalents, maintaining a 1:1 peg to the US dollar. This stability makes them an attractive choice for risk-averse investors. Unlike volatile cryptocurrencies, USDP offers a reliable store of value, especially during market downturns.*

Instant Redemption

If you ever need to convert your USDP back to US dollars, you can do so instantly through Paxos. This allows investors to move seamlessly between crypto and fiat.*

Competitive Transaction Costs

Traditional banking systems often charge hefty fees for cross-border transactions. In the USDP Whitepaper, they say, “Pax Dollar essentially could remove cross-border transaction fees, allowing commerce and trade to occur more fluidly. This improvement alone to the current system could unlock billions in foreign exchange fees.”*

Whether users are sending money to family overseas or conducting business internationally, USDP can save users money on transaction fees.*

Hedging Against Volatility

Cryptocurrencies are notorious for their price volatility. By holding Pax Dollars, users can hedge against sudden market swings. When the crypto market experiences turbulence.*

Conclusion

In summary, Pax Dollars combine the advantages of blockchain technology and the stability of fiat currency. Paxos Standard is a stablecoin that aims to maintain a 1:1 peg to the US dollar.

How to Buy Pax Dollars (USDP)

Sign Up for CoinJar: Download the CoinJar app on iOS or Android.

Create an account and verify your identity. UK residents are required (in accordance with local legislation) to complete an appropriateness assessment to show they understand the risks associated with what crypto/investment they are about to buy and enabling CoinJar to categorise them as an investor.

New customers are also required under local regulations to wait 24-hours as a “cooling off” period (from account creation), before their account is active (i.e. to deposit, trade, withdraw etc.).

Deposit Funds: Transfer funds from your bank account to CoinJar using one of the following methods:

Bank Transfer: Link your bank account and transfer funds directly.

PayID: Use your PayID to transfer funds instantly.

Osko: Make timely payments using the Osko network.

How to buy Pax Dollar (USDP): Once your funds are in CoinJar, navigate to the trading section. Search for “Pax Dollar” or “USDP.” Choose the amount of USDP you want to purchase. Confirm the transaction.*

Protected Storage: After buying USDP, consider transferring it to a wallet with a certain level of protection.

CoinJar Wallet: CoinJar provides its own wallet service. It is convenient, however being an online wallet there is a risk that it may be a victim of a cyberattack. Online wallets are also called “hot wallets”.

External Wallets: If you want to hold on to your Bitcoin for a while, you can transfer your Bitcoin to an external wallet. Hardware wallets are also known as “cold wallets” (like Ledger or Trezor) and these are effective for long-term storage as they are offline and seriously difficult to hack.

CoinJar has been operating since 2013. CoinJar keep the vast majority of customer assets in cold storage or private multi-sig wallets and maintain full currency reserves at all times.

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Cash, credit or crypto?

Buy Pax Dollar using Visa or Mastercard. Get cash in your account with Faster Payments Service (FPS). Convert crypto-to-crypto with a single click.

How to buy Pax Dollar with CoinJar

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Step threeMake a purchaseBuy more than 60 cryptos using Faster Payments, SEPA, bank transfer, or a debit card.
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Frequently asked questions

What are Pax Dollars (USDP)?

Pax Dollars (USDP) are a stablecoin issued by Paxos Trust Company. They are designed to maintain a 1:1 peg with the US dollar, providing stability in the volatile crypto market.*

How can I buy Pax Dollars (USDP)?

You can buy USDP through various methods:

Bank Transfer: Transfer fiat currency (such as US dollars) from your bank account to an exchange that supports USDP.*

Credit Card: Some exchanges allow you to purchase USDP directly using your credit card.*

What is an ERC-20 Token?

An ERC-20 token is a standard for creating fungible tokens on the Ethereum blockchain. USDP is an example of an ERC-20 token.*

Are Pax Dollars a Digital Asset?

Yes, USDP is considered a digital asset because they exist in digital form on the blockchain.*

Who regulates Pax Dollars?

Pax Dollars (USDP) are regulated by the New York State Department of Financial Services (NYDFS). Paxos Trust Company holds a charter from NYDFS, ensuring compliance with US financial regulations.

What is the market cap of Pax Dollars?

The market capitalisation (market cap) of Pax Dollars represents the total value of all USDP tokens in circulation. It is calculated by multiplying the current price of USDP by the total supply.*

How quickly can I transfer Pax Dollars?

Pax Dollars transactions are typically processed within 24 hours, making them suitable for timely transfers.*

What role do smart contracts play in Pax Dollars?

Smart contracts on the Ethereum blockchain facilitate the creation, issuance, and management of Pax Dollars. These contracts ensure transparency and automate processes.*

What are cash and cash equivalents?

Pax Dollars are fully backed by cash and cash equivalents, meaning that for every USDP token issued, there is an equivalent amount of US dollars held in reserve.*

Who founded Paxos Trust Company?

Paxos Trust Company was co-founded by Charles Cascarilla and Rich Teo. They established the company to bridge the gap between traditional finance and the crypto world.

The above article is not to be read as investment, legal or tax advice and it takes no account of particular personal or market circumstances; all readers should seek independent investment advice before investing in cryptocurrencies. The article is provi

Standard Risk Warning  In the UK, it’s legal to buy, hold, and trade crypto, however cryptocurrency is not regulated in the UK. It's vital to understand that once your money is in the crypto ecosystem, there are no rules to protect it, unlike with regular

Standard Credit Card warning  If you use a credit card to buy cryptocurrency, you would be putting borrowed money at a risk of loss. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to i

UK residents are required to complete an assessment to show they understand the risks associated with what crypto/investment they are about to buy, in accordance with local legislation. Additionally, they must wait for a 24-hour “cooling off” period, befo

Important Note for UK Residents: If you come across this article, remember that cryptocurrency investment is high-risk. Be prepared to lose your entire investment. No protection is guaranteed if things go wrong.  Remember, this article does not constitute

There is a risk that any particular stablecoin may not hold their value as against any fiat currency; or may not hold their value as against any other asset. Stablecoins carry the following risks: Depegging events: Depegging events may occur with stableco

‘Meme coins’ (e.g. DOGE, SHIB, PEPE) are crypto-assets whose value is driven primarily by community interest and online trends. Meme coins carry the following risks: Volatility risk: Meme coins can have extreme price volatility, often experiencing rapid a

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