What is Pax Dollar (USDP)? Overview, Price, And Buying Tack

High volatility and price fluctuations have no end in the crypto world, resulting in positive returns and losses as well. The concept can’t be erased from crypto history but minimized through stablecoin, an interesting part of the crypto world. Stablecoins are crypto tokens whose value is pegged to a stable asset to safeguard potential investors from ups and downs in prices. In the game, Pax Dollar (USDP) is an emerging player, advancing the financial ecosystem.

The Founders of Pax Dollar

Pax Dollar is a dollar-backed stablecoin introduced with the purpose of protecting crypto holders’ interests from volatility. The stablecoin was launched in September 2018 under the name Paxos Standard (PAX), a fiat-collateralized stablecoin backed by USD and shifted to USDP.

The digital asset was created by Paxos, a New York-regulated financial institution, to offer the benefits of transacting blockchain technology-based coins with minimal price risk. Charles Cascarilla and Rich Teo are the two main personalities behind the coin launch. The coin is issued as ERC-20 tokens and streaming over the Ethereum blockchain, collateralized 1:1 by USD.

The stablecoin is approved by Wall Street regulators, following GUSD and BUSD. In addition, Paxos and Gemini are a few of the virtual currency firms granted Trust Charter by NYDFS.

What Makes USDP Stand Out of the List?

USDP, the dollar-backed stablecoins is nothing but a new name to PAX, performing well in safeguarding crypto enthusiasts’ interests from volatility. The dollar-backed characteristics help the USDP not fluctuate violently like Bitcoin and Ethereum.

The idea to stabilize the dollar with blockchain technology made USDP a stand-out performer in the pool of stablecoin. Stablecoin cryptocurrency was introduced to advance the financial ecosystem through a frictionless global network, making digital assets mobilized, flexible, and accessible.

One of the interesting things about USDP is redeemable characters at a one-to-one ratio to the US dollar. Due to the dollar-backed nature, the stablecoin does not fluctuate, no matter what, 1 USDP will also be equal to 1 USD.

The unavailability of the USDP tokens on all exchanges is the only cons associated with the stunning stablecoin.

Network Security, Technology, and Working of PAX Dollar

Paxos is a blockchain network offering a variety of fully regulated digital assets for individual traders, enterprises, and institutions seeking less volatile and secure exposure to the crypto universe. Being a fully regulated blockchain ecosystem, Paxos came up with USDP and Pax Gold Token, offering transparency and high-level security. The USDP tokens can be transacted over the Ethereum blockchain as same as Ether (ETH) or any other ERC-20 digital asset.

The existence of the token on a public chain allows traders and exchanges to use the respective token as an alternative to fiat currency. When it comes to security threats or cyber hacks, Paxos cease transfers and approvals of the tokens, done by a single owner role like OpenZeppelin’s ownable. Also, OpenZeppelin contracts mitigate risks using tested libraries of smart contracts. Cryptocurrency regulations and rapid crypto transaction of assets, thus made USDP a secure option.

Where to Buy USDP Stablecoin?

USDP stablecoin revolutionized the crypto world by offering a coin with less influence on crypto enthusiasts’ interests from volatility. The stablecoin is available on many centralized and decentralized exchanges including Binance, Coinbase, Uniswap, Mandala Exchange, KuCoin, Bitfinex, etc.

A small process helps to buy Pax Dollar (USDP) Coins effortlessly.

Creating an account on one of the crypto exchanges of your choice will help in initiating the buying process. Account validation is also important and can be done through email address, photo ID, and following the verification procedure. Comparing different exchanges for ease of use, security, payment methods, customer support, and supported coins assists in choosing the right exchange.

The next step is to verify the account and link the bank account to make fund deposits. Here you can use different payment methods like direct bank transfers, online payment modes, debit cards, or credit cards. Choosing a payment method completely depends on the buyer’s preference and compatibility with the platform.

Choosing and buying the USDP coin is the final stage of the procedure and helps in transferring the respective coin to the personal account. Coinbase Wallet, MetaMask, and Trust Wallet are some good options for storing USDP tokens more securely.

Current Stats And Price

Pax Dollar, a fiat-collateralized stablecoin is issued as ERC-20 tokens over the Ethereum blockchain. The current price of USDP tokens is $0.9975, with a market cap of $451 Million and 24 24-hour volume of $1.8 Million. The total supply of USDP tokens is 453,362,636 USDP and the same in the market are in public hands.

Conclusion

Paxos, a blockchain network, introduced USDP stablecoin to the crypto world to mitigate the challenges associated with crypto volatility. Cryptocurrency regulations and rapid crypto transactions of assets made USDP one of the most trusted and secure stablecoins. The token can be purchased from some of the top centralized and decentralized exchanges.

FAQs

Who founded Pax Dollar?

Pax Dollar (USDP) was introduced by Charles Cascarilla and Rich Teo, the founder of Paxos. The respective token was created in 2018.

Where can you buy Pax Dollar (USDP)?

USDP, a fiat-collateralized stablecoin can be purchased from some of the top cryptocurrency exchanges including Binance, Coinbase, Uniswap, Mandala Exchange, KuCoin, Bitfinex, etc.

What are the benefits of using Pax Dollar for transactions?

Strict regulatory oversight by the New York State Department of Financial Services made USDP one of the top stablecoins. Verifiable cash reserves and the highest standards of consumer protection are some major benefits.