USDP
$0.99

Pax Dollar (USDP) Price

$0.99
7D
1M
3M
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Pax Dollar (USDP) Price Today

The live price of Pax Dollar is 0.99 USD. In the past 24 hours, the trading volume of Pax Dollar was 5,008,252.70 USD, down by -0.02%. The current price has decreased by -0.11% from its 7-day high of 1.18 USD, and increased by 0.86% from its 7-day low of 0.99 USD. With a circulating supply of 47,569,452.76 Pax Dollar, the market cap of Pax Dollar is currently 66,935,775.00 USD, down by 0% in the last 24 hours. Pax Dollar currently ranks #469 by market capitalization among cryptocurrencies.

Pax Dollar (USDP) Market Data

Market Cap
$47.5M
24h Volume
$5M
Circulating Supply
47.5M USDP
Maximum Supply
--
Fully Diluted Market Cap
$47.5M
Liquidity Indicator
10.54%
About
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FAQ

About Pax Dollar (USDP)

How can I buy Pax Dollar (USDP)?

You can buy Pax Dollar (USDP) on supported CEXs, DEXs, or crypto wallets, although it is not yet listed on BingX. See our How to Buy Pax Dollar guide for details. Sign up with BingX to trade USDP first when it goes live.

What Is Pax Dollar (USDP) and How Does It Work?


Pax Dollar (USDP) is a U.S. dollar-pegged stablecoin issued by Paxos Trust Company. Each USDP token is backed 1:1 by U.S. dollars or cash equivalents held in fully segregated and bankruptcy-remote accounts. This ensures that every USDP in circulation can be redeemed for one U.S. dollar at any time.

USDP operates as a regulated ERC-20 token on Ethereum and as an SPL token on Solana. It is primarily used for trading, payments, and DeFi applications, offering users the benefits of price stability, fast settlement, and blockchain transparency. New tokens are minted when dollars are deposited with Paxos and burned when users redeem them, keeping supply and demand balanced.

How Does USDP Maintain Its $1 Peg?


USDP maintains its 1:1 peg to the U.S. dollar through a fully collateralized reserve system. For every USDP token in circulation, Paxos holds an equivalent amount of U.S. dollars or cash equivalents in regulated, segregated accounts. These reserves are safeguarded and cannot be used for corporate purposes, offering strong investor protection.

Additionally, Paxos is a regulated financial institution under the New York Department of Financial Services (NYDFS), and it publishes monthly reserve attestations from independent auditors. This transparent approach, combined with minting and burning tokens on demand, ensures that the USDP supply always matches its backing, supporting a stable $1 value across market conditions.

When Was Pax Dollar Stablecoin Launched and What Was Its Former Name?


Pax Dollar (USDP) was officially launched on September 10, 2018, under the name Paxos Standard (PAX). It was one of the first U.S. dollar-backed stablecoins regulated by the New York State Department of Financial Services (NYDFS). The stablecoin was created by Paxos Trust Company, a financial institution founded by Charles Cascarilla and Rich Teo, who initially launched the company as itBit, a Bitcoin exchange, in 2012.

In August 2021, Paxos rebranded the token from Paxos Standard (PAX) to Pax Dollar (USDP) to make its dollar-pegged nature more transparent and accessible to users. Since then, Paxos has expanded the reach of USDP by enabling it on both Ethereum and Solana networks. The roadmap continues to focus on increasing stablecoin transparency, multi-chain interoperability, and deeper integration into payment and DeFi ecosystems.

Pax Dollar Launch Timeline


1. September 10, 2018: Paxos Standard (ticker PAX) launched as one of the first regulated stablecoins, fully backed 1:1 with USD held in FDIC-insured, segregated accounts.

2. September 27, 2018: Trading officially began on Paxos’s itBit exchange and OTC desk.

3. August 24, 2021: Rebranded from “Paxos Standard (PAX)” to Pax Dollar (USDP) to clearly reflect its peg to the U.S. dollar.

4. January 17, 2024: USDP became available on the Solana network under an SPL token standard, broadening its multi-chain utility.

What Is the USDP Stablecoin Used for?


Pax Dollar (USDP) is primarily used as:

1. A Stable Medium for Trading & DeFi: USDP serves as a low‑volatility base currency for crypto traders and DeFi users, making it ideal for trading, arbitrage, providing liquidity, yield farming (on platforms like Curve, Balancer, Uniswap), and using as collateral.

2. Fast Payments & Savings: With 1:1 USD backing, global users and businesses utilize USDP for transfers, cross-border payments, remittances, merchant transactions, and as a stable store of value outside traditional banking.

On BingX, you can buy or sell USDP instantly in the spot market using popular pairs like USDP/USDT. Just select the pair, choose your order type (market or limit), enter the amount, and confirm your trade. Settlement occurs immediately once executed.

What Is Pax Dollar Tokenomics?


Pax Dollar (USDP) operates on a fully collateralized model, meaning its token supply is directly tied to U.S. dollar deposits. Each USDP token is minted when a user deposits USD with Paxos and is burned when that user redeems it, keeping the total supply dynamically matched to circulating fiat reserves.

There is no fixed maximum supply of USDP, as issuance expands or contracts based on demand. Paxos does not charge issuance or redemption fees but may generate revenue through custodial services or interest earned on reserves. As a stablecoin, USDP is not designed for capital appreciation but for preserving value, enabling fast transactions, and supporting DeFi and trading applications across multiple blockchains.

Is Pax Dollar Regulated and Transparent?


Yes, Pax Dollar (USDP) is regulated by the New York Department of Financial Services as an NYDFS‑chartered trust token and is transparent, with monthly independent reserve attestations confirming 100% USD and cash-equivalent backing, held in segregated, bankruptcy-remote accounts.

What Blockchain Network Does Pax Dollar Operate on?


Pax Dollar (USDP) is issued on two major blockchains: the Ethereum network as an ERC‑20 token and the Solana network as an SPL token. Originally launched on Ethereum in September 2018, Paxos expanded USDP to Solana on January 17, 2024, in order to leverage Solana’s faster transaction speeds and significantly lower fees, making USDP ideal for high-throughput use cases like payments, remittances, and DeFi activities.

How to Store USDP Tokens Securely


The most convenient and beginner-friendly way to store USDP tokens is by using a trusted exchange like BingX. When you hold USDP on BingX, your assets are protected by robust security measures including two-factor authentication (2FA), cold wallet storage, and regular audits. You can instantly access your USDP for trading, convert it to other cryptocurrencies, or withdraw it at any time, making BingX a practical option for active traders and investors.

Alternatively, you can store USDP in non-custodial wallets that support Ethereum (ERC-20) and Solana (SPL) tokens. Popular choices include MetaMask, Trust Wallet, Phantom (for Solana), and hardware wallets like Ledger or Trezor for long-term security. These wallets give you full control over your private keys and enable you to use USDP in decentralized finance (DeFi) applications. Just be sure to back up your recovery phrase offline and double-check you're interacting with official token contracts to avoid scams.

How Long Do USDP Stablecoin Transactions Take?


The time it takes to complete a USDP stablecoin transaction depends on the blockchain network used. On Ethereum, USDP transactions typically take a few minutes, depending on network congestion and gas fees. On Solana, USDP transactions are much faster, usually finalizing within a few seconds due to Solana’s high-speed infrastructure. Both networks ensure secure, traceable transfers, but Solana offers a clear advantage for users who need near-instant settlement at lower costs.

Is Pax Dollar (USDP) a Good Investment?


Pax Dollar (USDP) is a reliable choice for investors seeking price stability, regulatory assurance, and transparency in the volatile crypto market. As a fully USD-backed stablecoin issued by Paxos Trust Company and regulated by the New York Department of Financial Services (NYDFS), USDP offers a high level of trust and compliance. Its reserves are held in segregated, bankruptcy-remote accounts and verified monthly by independent auditors, providing transparency and minimizing counterparty risk.

For crypto users and institutions, USDP serves as a secure on-chain alternative to traditional dollars, ideal for trading, hedging, payments, and DeFi applications. It offers seamless access to the crypto economy without exposing users to the volatility of other digital assets. With fast transfers on both Ethereum and Solana, zero exposure to algorithmic risk, and consistent 1:1 redemption, USDP is a stablecoin designed for long-term utility rather than speculation, making it a smart foundational asset in any digital portfolio.

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Frequently Asked Questions about USDP (Pax Dollar)

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