Pax Dollar is a flat-collateralized stablecoin.

The Pax Dollar tokens (USDP) are issued as ERC-20 tokens on the Ethereum blockchain and are collateralized 1:1 through the USD held in Paxos-owned US bank accounts.

The Pax Dollar is a stablecoin that allows any user to exchange U.S. dollars for the Pax Dollar Tokens. Its main goal is to stabilize the dollar with blockchain technology.

The Pax Dollar (USDP) can be transacted over the Ethereum blockchain in the same way as Ether or any other ERC-20 asset. If a user wants to redeem USDP, they can send tokens to an address controlled by Paxos that will destroy the tokens and transfer flat currency to the user’s bank account. Through this existence on a public blockchain, it can allow traders and exchanges to use USDP as an alternative to flat currencies and can help them outsource their banking requirements to Paxos. This also allows Paxos to easily be integrated with the Ethereum based applications easily.

It has a circulating supply of 945,642,940 USDP coins and the max. supply is not available.

If you would like to know where to buy Pax Dollar at the current rate, the top cryptocurrency exchanges for trading in Pax Dollar stock are currently Binance, OKX, Huobi, Bybit, and KuCoin.