Please note, this is a STATIC archive of website www.coindesk.com from 28 Feb 2023, cach3.com does not collect or store any user information, there is no "phishing" involved.
$1.01
24H %
2.84%
24H Low
$0.83693571
24H High
$1.03
DownloadIcon
TO

Linear
Log

About Paxos Dollar

Sector

Currency


Industry Group

Stablecoin


Industry

Stablecoin



The Paxos Dollar price is $1.01, a change of 2.84% over the past 24 hours as of 3:09 p.m. The recent price action in Paxos Dollar left the tokens market capitalization at $932,980,530.50. So far this year, Paxos Dollar has a change of 0.77%. Paxos Dollar is classified as a Currency under CoinDesks Digital Asset Classification Standard (DACS).


USDP is the native cryptocurrency of Paxos, a stablecoin that uses the Ethereum blockchain and is issued by the Paxos Trust Company. Every Paxos dollar (USDP) token is pegged to the U.S. dollar. This means the USDP price consistently remains around the $1 level, unlike more volatile cryptocurrencies such as bitcoin and ether whose prices rise and fall frequently.

This stability coupled with fast transaction times facilitated by the Ethereum blockchain makes USDP a useful cryptocurrency for things like global remittances.

USDP price

As a stablecoin, the USDP price should not deviate from $1 too much. However, in May 2021, the stablecoin hit a high of $1.52. This was around the time PayPal was rumored to be in talks about launching its own stablecoin with several potential partners, including Paxos Trust Company. It’s possible that demand for the stablecoin could’ve risen ahead of its supply, causing the stablecoin to move off its peg. This is because Ethereum transactions can settle within minutes versus bank transfers that take days to settle.

There is no supply cap for the Paxos dollar. However, the Paxos Trust Company can only issue new assets provided it has sufficient U.S. dollars in reserves at a ratio of 1:1.

All minting occurs through an Ethereum smart contract that automates the issuance and redemption process. All cash deposits held in the Paxos Trust Company reserves are secured at an FDIC-insured U.S. bank, and all bank accounts involved in the issuance and redemption of Paxos dollar (USDP) are audited by a third-party firm, Withum.

Paxos launched the original Paxos standard token on Sept. 14, 2018. In August 2021, Paxos rebranded it Paxos dollar (USDP) to more clearly identify the token as a stablecoin with its dollar peg. The USDP price has risen and fallen on several occasions, including up to $1.01 in September and down to 99 cents in October 2021.

How does Paxos dollar work?

USDP is issued on the Ethereum blockchain through the ERC-20 token standard, a set of blueprints for creating compatible fungible tokens on the Ethereum ecosystem. As a result, the USDP price stands to benefit from all upgrades coming to the Ethereum 2.0 network in the future, including the move to sharding to process a higher number of network transactions simultaneously.

It also means USDP is compatible with all smart contracts and decentralized applications (dapps) built on the Ethereum blockchain. Additionally, Paxos’ cryptocurrency brokerage platform is using Chainlink’s oracle network (another Ethereum-based platform) to broaden the adoption of Paxos dollar (USDP) within the decentralized finance (DeFi) ecosystem.

USDP is backed by U.S. Treasury bills with short maturities as a U.S. dollar equivalent.

Paxos dollar (USDP) is traded using what Paxos Trust Company refers to as “processing windows” to facilitate faster processing of conversions and fiat deposits/withdrawals every weekday and some weekend days.

Key events and management

Paxos dollar (USDP) was founded by the Paxos Trust Company – the same company behind the Paxos brokerage platform – with offices in New York, London and Singapore.

The firm has received a total of $540 million in funding from investors since its inception, including Mithril Capital, PayPal Ventures, Declaration Partners and OakHC/F.T.

Paxos Trust Company raised $3.3 million in the initial seed round on Nov. 11, 2013, and completed a $28.2 million Series A round two years later. This was followed by a $65 million Series B funding round on May 31, 2018. Between 2020 and 2021, the company managed to secure a further $442 million through Series C and D funding rounds.

In August 2021, Paxos standard became Pax dollar (USDP). Not all exchanges and cryptocurrency wallets have integrated this change fully but the USDP price functionality remains the same.


Previously Aired
CDTV logo

Quantum Economics Bitcoin Analyst Jason Deane joins "All About Bitcoin" to discuss his markets outlook as the lending arm of crypto investment bank Genesis Global Trading is temporarily suspending redemptions and new loan originations in the wake of FTX’s collapse. Plus, a conversation with Castle Island Ventures Partner Nic Carter about why proof of reserves could help to win back public trust in crypto.

$932.98M

$3.81M


Paxos Dollar Price

24H Open
$0.98097318
24H Change
$0.02784345
52 Week Low
$0.83071600
52 Week High
$4.97
All Time High
$4.97
Returns (YTD)
0.77%

Paxos Dollar Market Stats

Total Supply
924.37M
Max Supply
N/A
24H Value Transacted
$121.82M
30D Volatility
0.19933400
24H Transaction Count
341
24H Average Transaction Fee
N/A

About Paxos Dollar

Sector

Currency


Industry Group

Stablecoin


Industry

Stablecoin



The Paxos Dollar price is $1.01, a change of 2.84% over the past 24 hours as of 3:09 p.m. The recent price action in Paxos Dollar left the tokens market capitalization at $932,980,530.50. So far this year, Paxos Dollar has a change of 0.77%. Paxos Dollar is classified as a Currency under CoinDesks Digital Asset Classification Standard (DACS).


USDP is the native cryptocurrency of Paxos, a stablecoin that uses the Ethereum blockchain and is issued by the Paxos Trust Company. Every Paxos dollar (USDP) token is pegged to the U.S. dollar. This means the USDP price consistently remains around the $1 level, unlike more volatile cryptocurrencies such as bitcoin and ether whose prices rise and fall frequently.

This stability coupled with fast transaction times facilitated by the Ethereum blockchain makes USDP a useful cryptocurrency for things like global remittances.

USDP price

As a stablecoin, the USDP price should not deviate from $1 too much. However, in May 2021, the stablecoin hit a high of $1.52. This was around the time PayPal was rumored to be in talks about launching its own stablecoin with several potential partners, including Paxos Trust Company. It’s possible that demand for the stablecoin could’ve risen ahead of its supply, causing the stablecoin to move off its peg. This is because Ethereum transactions can settle within minutes versus bank transfers that take days to settle.

There is no supply cap for the Paxos dollar. However, the Paxos Trust Company can only issue new assets provided it has sufficient U.S. dollars in reserves at a ratio of 1:1.

All minting occurs through an Ethereum smart contract that automates the issuance and redemption process. All cash deposits held in the Paxos Trust Company reserves are secured at an FDIC-insured U.S. bank, and all bank accounts involved in the issuance and redemption of Paxos dollar (USDP) are audited by a third-party firm, Withum.

Paxos launched the original Paxos standard token on Sept. 14, 2018. In August 2021, Paxos rebranded it Paxos dollar (USDP) to more clearly identify the token as a stablecoin with its dollar peg. The USDP price has risen and fallen on several occasions, including up to $1.01 in September and down to 99 cents in October 2021.

How does Paxos dollar work?

USDP is issued on the Ethereum blockchain through the ERC-20 token standard, a set of blueprints for creating compatible fungible tokens on the Ethereum ecosystem. As a result, the USDP price stands to benefit from all upgrades coming to the Ethereum 2.0 network in the future, including the move to sharding to process a higher number of network transactions simultaneously.

It also means USDP is compatible with all smart contracts and decentralized applications (dapps) built on the Ethereum blockchain. Additionally, Paxos’ cryptocurrency brokerage platform is using Chainlink’s oracle network (another Ethereum-based platform) to broaden the adoption of Paxos dollar (USDP) within the decentralized finance (DeFi) ecosystem.

USDP is backed by U.S. Treasury bills with short maturities as a U.S. dollar equivalent.

Paxos dollar (USDP) is traded using what Paxos Trust Company refers to as “processing windows” to facilitate faster processing of conversions and fiat deposits/withdrawals every weekday and some weekend days.

Key events and management

Paxos dollar (USDP) was founded by the Paxos Trust Company – the same company behind the Paxos brokerage platform – with offices in New York, London and Singapore.

The firm has received a total of $540 million in funding from investors since its inception, including Mithril Capital, PayPal Ventures, Declaration Partners and OakHC/F.T.

Paxos Trust Company raised $3.3 million in the initial seed round on Nov. 11, 2013, and completed a $28.2 million Series A round two years later. This was followed by a $65 million Series B funding round on May 31, 2018. Between 2020 and 2021, the company managed to secure a further $442 million through Series C and D funding rounds.

In August 2021, Paxos standard became Pax dollar (USDP). Not all exchanges and cryptocurrency wallets have integrated this change fully but the USDP price functionality remains the same.


Market Analysis
Social Analysis

Trending Assets

Bitcoin Calculator

Last Updated on 11/17/22 3:09 PM

CoinDesk’s Bitcoin and Cryptocurrency Calculator determines the exchange rates between major fiat currencies and cryptocurrencies – including BTC, BCH, ETH and XRP to USD, EUR, GBP, IDR and NGN – with up to six decimal places of accuracy. Conversion rates are based on CoinDesk’s Bitcoin Price Index and the price indices of other digital assets. World currency prices are based on rates obtained via Open Exchange Rates.


Latest About Paxos Dollar

CoinDesk - Unknown
After Bankruptcy, FTX User Claims Pay Cents on the Dollar

The crypto exchange FTX filed for bankruptcy Friday, leaving users’ funds stuck on the platform, and one marketplace for distressed claims posted bids for a fraction of the original value of claims.

CoinDesk - Unknown
CoinDesk - Unknown
Tether Dominates Curve's 3pool Liquidity With DAI, USDC Accounting for Just 15%

Tether accounts for 85% of the total liquidity in Curve's 3pool. While the stablecoin is seeing some volatility, the price remains firmly near the 1:1 U.S. dollar peg,

CoinDesk - Unknown
CoinDesk - Unknown
Tron Network USDD Stablecoin Wobbles From Dollar Peg Amid Latest Crypto Crisis

Justin Sun speculated in a tweet that struggling trading firm Alameda might have started the deviation by selling its USDD holdings.

CoinDesk - Unknown

Disclaimer
Any data, text or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results. CoinDesk is an independently managed media company, wholly owned by the Digital Currency Group, which invests in cryptocurrencies and blockchain startups. DCG has no operational input into the selection or duration of CoinDesk content in all its forms.