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What is Pax Dollar (USDP)?

Pax Dollar basic info

Name:Pax Dollar
Ticker:
Introduction:

What Is Pax Dollar?

Pax Dollar (USDP) is a fully backed stablecoin that is an integral part of the Paxos ecosystem. Launched in 2018, it was initially known as Paxos Standard (PAX) before undergoing a rebranding in 2021. As a stablecoin, Pax Dollar is collateralized 1:1 by US dollars, ensuring stability in the cryptocurrency market known for its volatility.

The genesis of Pax Dollar can be traced back to the Paxos Trust Company, LLC, which was previously recognized as the itBit Bitcoin exchange before its rebranding in 2015. The choice of the name "Paxos" is steeped in history, drawing inspiration from the Ionian island of Paxos, which was renowned for its unique consensus system during ancient times.

Resources

Official Whitepaper: https://insights.paxos.com/hubfs/USDP-White-Paper.pdf

Official Website: https://paxos.com/usdp/

How Does Pax Dollar Work?

The foundational principle of Pax Dollar is its unwavering commitment to maintaining a 1:1 peg with the US dollar. This commitment is not merely verbal; the USDP coin is stringently regulated and is 100% backed by tangible cash reserves. These reserves are securely held in insured depository institutions located within the United States, ensuring the coin's stability and trustworthiness.

The mechanics of the Pax Dollar involve the use of an Ethereum smart contract to automate the minting and burning processes. When users deposit USD into their Paxos accounts, an equivalent amount of USDP is minted and subsequently transferred to the user's account. On the flip side, when users wish to convert their USDP back to USD, the tokens undergo an instantaneous burning process. This ensures that the number of tokens in circulation always mirrors the USD reserves, upholding the coin's stability.

Pax Dollar's Impact on Finance

Pax Dollar is not just another stablecoin; it embodies a vision of a more inclusive and open digital economy. This vision transcends the mere mitigation of market risks. Paxos aspires to create a world where blockchain">blockchain technology is not just a driving force but an integral part of a financial revolution. By acting as a bridge between the digital and traditional realms of assets, Pax Dollar is at the forefront of this transformative journey.

Its status as a regulated entity offers an unparalleled level of assurance to its users. The New York State Department of Financial Services (NYDFS) granted Paxos Trust Company a trust charter for digital assets even before the stablecoin's launch. With the backing of US banks insured by the Federal Deposit Insurance Corporation (FDIC), Pax Dollar stands out as a beacon of trust and reliability in the stablecoin market.

What Determines Pax Dollar's Price

In the ever-evolving world of cryptocurrencies, the Pax Dollar (USDP) stands out as a stable and reliable beacon, offering users a secure method for transacting value on the blockchain. As a stablecoin minted by the reputed financial technology company Paxos, USDP has carved out a significant niche in the digital asset ecosystem, boasting a market capitalization that exceeds $500 million as of September 2023.

Today, the price of Pax Dollar is maintained at a 1:1 ratio with the U.S. dollar, a feature that has been instrumental in its rising global adoption. This stability in the cryptocurrency price of USDP is assured through a stringent collateralization process where each USDP token issued is backed by an equivalent amount of U.S. dollars held in reserve, a detail that is clearly reflected in its price chart.

Analysis of the USDP price indicates a transparent and regulated operation. Paxos operates under the stringent oversight of the New York State Department of Financial Services (NYDFS), fostering financial stability, consumer protection, and adherence to anti-money laundering protocols. This enhances the trust and reliability associated with USDP as a crypto asset. Furthermore, the daily attestation reports released by Paxos, which are verified by third-party auditors, offer a clear window into the market cap of Pax Dollar USDP and the reserves backing it, fostering transparency and security in the live price data.

In the broader cryptocurrency landscape, historical data of Pax Dollar USDP showcases its versatility and utility, especially in decentralized finance (DeFi) applications. From facilitating seamless crypto trading to enabling cross-border payments without the traditional banking hassles, USDP is revolutionizing financial transactions. Its role as a stable medium for merchant payments and as a reliable store of value, akin to fiat currencies, is evident in its historical prices. Moreover, platforms like Curve, Balancer, Uniswap, and Sushiswap have integrated USDP, allowing users to engage in various financial strategies, including liquidity provision and yield farming, thereby enhancing the trading volume of USDP.

As you consider how to buy Pax Dollar USDP, it's important to note that while it may not be an investment avenue for value appreciation due to its stable value design, it serves as a potent tool for hedging against the volatility prevalent in the cryptocurrency space. The forecast for Pax Dollar USDP looks promising, with its regulated and audited operations offering a secure and transparent medium for transactions, potentially driving its ascent in the list of stablecoins with the largest market caps. Stay informed with the latest updates and news on Pax Dollar to make knowledgeable decisions, whether you are looking to buy USDP or engage in USD to USDP conversion.

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Current price:
All-time high:$2.02
All-time low:$0.8728

USDP supply and tokenomics

Circulating supply:93,477,700 USDP
Total supply:93,477,694.95 USDP
Max supply:0 USDP
Market cap:$93.45M
Fully diluted market cap:$93.45M

Links

Buy Pax Dollar for $1Buy USDP now

What is the development prospect and future value of USDP?

The market value of USDP currently stands at $93.45M, and its market ranking is #467. The value of USDP is not widely recognized by the market. When the bull market comes, the market value of USDP may have great growth potential.

As a new type of currency with innovative technology and unique use cases, USDP has broad market potential and significant room for development. The distinctiveness and appeal of USDP may attract the interest of specific groups, thereby driving up its market value.

What will the price of USDP be in 2025?
Based on USDP's historical price performance prediction model, the price of USDP is projected to reach $1.12 in 2025.
What will the price of USDP be in 2030?
In 2030, the USDP price is expected to change by +9.00%. By the end of 2030, the USDP price is projected to reach $2.04, with a cumulative ROI of +104.28%.
Reminder: Just like all cryptocurrency investments, investors must closely monitor the market performance of USDP and be aware of the associated risks. The world of cryptocurrencies is full of uncertainties, so thorough research and preparation are essential.

Is USDP worth investing or holding? How to buy USDP from a crypto exchange?

If you want to buy USDP, the following information may be helpful for your investment decisions:
In the last 7 days, the price of USDP has fallen by -0.13%, leading to negative returns for most USDP investors. The market is currently pessimistic about the price trend of USDP.
It is important to note that the current price of USDP has retreated by -50.58% from its all-time high. This coin is currently considered medium-risk, and its price may rebound or continue to fall.
Additionally, it's important to understand that each coin has its own optimal times for buying and selling. The optimal time to invest is dynamic: when a coin is undervalued, it's wise to adopt a buying strategy; when it becomes overvalued, you should decisively sell the coin.
To decide whether USDP is worth investing in, you need to consider various market factors such as the overall trend of the cryptocurrency market, the project's fundamentals, its current market valuation, and whether the current price is suitable for buying. If the project's fundamentals suddenly change or the price becomes excessively high, you should adjust your investment strategy and trading operations accordingly.
Your investment decisions should be based on your own risk tolerance, financial status, market analysis and research, especially the timing of your investments. Correct timing can ensure more reliable returns. Keep in mind that investing in USDP or any cryptocurrency comes with certain risks and uncertainties.
Regardless of your outlook on the development prospects and future trends of USDP, if you want to buy or sell USDP, you can consider Bitget for your trading needs. The best place to buy USDP is an exchange that offers hassle-free and secure transactions, combined with a user-friendly interface and high liquidity. Every day, millions of users choose Bitget as their trusted platform for crypto purchases.
Investing in Pax Dollar has never been easier. Simply sign up on Bitget, complete the identity verification process, and make payments using bank transfers, debit cards, or credit cards, all while ensuring security through crypto wallets. This is a widely adopted method to buy Pax Dollar. Here's a step-by-step guide on how to buy Pax Dollar on Bitget.

How to get Pax Dollar through other methods?

Using cash to buy Pax Dollar is not the only way to obtain Pax Dollar. If you have the time to spare, you can get Pax Dollar for free.
Learn how to earn Pax Dollar for free through the Learn2Earn promotion.
Earn free Pax Dollar by inviting friends to join Bitget's Assist2Earn promotion.
Receive free Pax Dollar airdrops by joining ongoing challenges and promotions.
All crypto airdrops and rewards can be converted to Pax Dollar through Bitget Convert, Bitget Swap, or spot trading.

What is Pax Dollar used for and how to use Pax Dollar?

The use case of Pax Dollar may expand as the crypto market and the project itself develop. Currently, you can use USDP to achieve the following goals:
Arbitrage by trading USDP: Since USDP is a frequently traded cryptocurrency, the price of USDP is always fluctuating. Earn more USDP by buying low and selling high on the exchange. Bitget spot market provides a variety of USDP trading pairs to fully meet your needs.
Earn by staking USDP: You can also generate income through financial management methods such as staking USDP or lending USDP. Bitget Earn offers a variety of financial products designed to help you earn more income from your USDP.
Send or pay USDP: If you want to give USDP to your friends, a charity, or a fundraiser, or you want to pay someone with USDP, you can quickly and easily send USDP to the recipient through their payment address.
You can also go to the official website of the Pax Dollar project to learn more about the use cases of USDP. For example, find out if the project supports the use of within its community or ecology, or if the project allows you to purchase physical or virtual products in .

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USDP resources

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Links
Pax Dollar WebsitePax Dollar WhitepaperPax Dollar TwitterPax Dollar Github

USDP price calculator

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USDP
USD
1 USDP = 0.9996 USD
Last updated (UTC-0)
Buy USDP now