Pax Dollar USDP is a digital asset created by Paxos Financial Technology Company and pegged with 1 USDP:1 USD dollars. Its predecessor is Paxos Standard (PAX), and it is also the first regulated stablecoin in the world. Its name change is to make it easier for people to understand the dollar support of the project. This round of change took effect on August 31, 2021, and continues to provide compliant virtual assets and virtual commodity custody services under the supervision of the local banking law.

To some extent, the strict supervision makes the USDP reserves held in the form of cash and cash equivalents more credible, and further ensures that investors' funds are always safe and can be used for redemption. As early as February 2022, (according to the statistics of CoinGecko), the market value of USDP has exceeded $1billion, and has a relatively stable circulation position in the stablecoin field.

How does Pax Dollar USDP Work?

On September 10, 2018, the New York Department of Financial Services (NYDFS) simultaneously approved two stablecoins based on Ethereum, namely Gemini Dollar and Paxos Standard. Both stablecoins are cryptocurrencies pegged with the US dollar at a ratio of 1:1. After the latter was renamed Pax Dollar（USDP）, the monthly audit is still continuing. If Paxos, its issuing company, has problems, the U.S. government can freeze it through law enforcement.

USDP is built based on the ERC-20 standard of Ethereum, so it mainly runs on the Ethereum network. Paxos believes that using digital substitutes such as USDP for cash can enable investors to focus more on the development of core businesses. The team intends to redefine the financial infrastructure for the operation of USDP in the digital market, and provide blockchain solutions for tokenization, custody, trading and settlement of assets, so as to innovate, develop and serve more people.

What is USDP？

USDP is the first compliant stablecoin in the world. 1USDP is equal to $1 and is issued in the crypto market. USDP stablecoin combines the stability of US dollars with the efficiency of blockchain technology. Presently, more than 100 exchanges and platforms have been launched. In addition to investment and holding, institutional users will also be used for securities and commodity settlement based on blockchain. USDP can be used to store or transfer US dollars instantly without being restricted by traditional banking business. Moreover, USDP's stablecoin platform supports API, which will become easier and more convenient when using corresponding technology integration.

While the U.S. government audits its operation and pegging, Withum, the top audit company hired by Paxos Trust Company , will also conduct independent validation at the characteristic time, including whether the full supply of USDP tokens is consistent with the U.S. dollars in the U.S. bank reserve account held and managed by Paxos. This asset value was consistent with the results of the audit report (https://paxos.com/attestations/) dated April 29, 2022, which was $1,012,606,434.20.

In order to provide users with more access to compliance assets, Gate.io has started the compliance stablecoin portfolio USD, and all currencies including USDP are recorded in USD [USDC, TUSD, PAX (i.e. USDP), BUSD, HUSD]. When withdrawing USD, the user can directly select USDP without re conversion.

USDP Crypto Wallet

In addition to placing USDP in the Gate.io exchange to facilitate trading, USDP can also be placed in the crypto wallet.