Pax Dollar Price

Pax Dollar (USDP) is a cryptocurrency launched in 2018. The asset operates as a U.S. dollar-pegged stablecoin issued by Paxos Trust Company, a New York-chartered financial institution that has held a limited purpose trust charter since 2015.

It serves as a fully-reserved digital dollar built to eliminate settlement risk and provide transactional stability in crypto markets. Unlike earlier stablecoins plagued by opacity, USDP offers verifiable fiat backing held in regulated custody, functioning as a transparent bridge between conventional finance and on-chain value transfer. Traders, exchanges, and payment providers use the token to bypass the volatility inherent in unpegged digital assets.

The token operates on the Ethereum network. A parallel Solana SPL deployment extends its reach to high-throughput environments.

Pax Dollar (USDP) implements the ERC-20 token standard on Ethereum, while the Solana instance adheres to the SPL token specification. The smart contracts governing minting and burning have been publicly audited, with source code accessible across repositories that have accumulated over 170 GitHub stars. These deployments allow USDP to integrate into a wide array of decentralized exchanges, lending protocols, and automated market makers without custodial friction.

Paxos was founded in 2012 by Charles Cascarilla and Rich Teo under the name itBit, a pioneering bitcoin exchange licensed by the New York State Department of Financial Services. The entity rebranded to Paxos Trust Company in 2015 after securing its trust charter, then pivoted toward blockchain-based settlement infrastructure. In September 2018, the firm launched the original Paxos Standard stablecoin, later renamed Pax Dollar. Cascarilla previously co-founded Cedar Hill Asset Management in 2005 and held positions at Bank of America and Goldman Sachs, bringing over fifteen years of financial services experience to the project.

The project’s long-term objective is to modernize post-trade settlement and mobilise asset value with the speed of the internet, using a regulated blockchain framework. By embedding dollar claims into a programmable token, Paxos aims to collapse the latency and counterparty risk that plague traditional clearinghouses. This vision extends beyond mere payments—it aspires to create a compliant on-chain primitive for equities, commodities, and other asset classes.

Mechanically, each USDP token represents a direct liability of Paxos Trust Company, redeemable on a 1:1 basis for U.S. dollars held in segregated accounts. The protocol mints new tokens upon fiat deposit and burns them instantly when a holder exercises redemption, ensuring supply elasticity mirrors demand without discretion. In decentralized finance applications, the token functions as stable collateral, a unit of account, and a settlement asset, while governance remains centralized under the issuer’s regulatory perimeter.

Market participants hold USDP to hedge against intraday drawdowns, while exchanges like Binance and OKX list it as a base pair for trading against volatile assets. Arbitrage desks exploit deviations from the dollar peg by minting or redeeming directly with Paxos, tightening price stability. Lending protocols and yield aggregators integrate the token as a low-risk collateral type, enabling borrowers to access liquidity without exiting crypto positions.

Pax Dollar (USDP) has a total supply of 40,569,459.93 tokens. Currently, 40,569,459.93 are in circulation. With a market capitalization of $40,561,377.00, Pax Dollar (USDP) ranks #540 among all cryptocurrencies.