Real-time USDP price analysis
The current price of Pax Dollar in real time is $1.00and its trading volume is equal to US$1,946,718 in the last 24 hours. USDP price has fell on
0.04%
on the last day and increased by
0.11%
in the last 7 days. It is important to note that Pax Dollar’s current market capitalization is US$215,580,693Speaking of working capital, USDP has 215 345 761 coins. Pax Dollar’s current market rating is #217.
Pax Dollar price today
50.51%
below
always on top and that’s it
66.45%
higher
always at a low level.
All data and prices are updated in real time. The most active and popular exchanges for buying or selling USDP are Binance, Kucoin & Kraken. Find more cryptocurrency exchange options on our Cryptocurrency exchange tracker. The most secure hardware wallets to store your cryptocurrency: Ledger And Trezor.
What is Pax Dollar (USDP)?
Pax dollar (USDP) is stablecoin which is pegged to the US dollar at a 1:1 ratio, meaning that the price of USDP is equal to 1 US dollar. The US dollar reserve backing the Pax Dollar tokens is held in separate accounts owned by Paxos at several FDIC-insured banks located throughout the United States. Pax Dollar coins are stored on the Ethereum blockchain as ERK-20 tokens.
To ensure the security of transactions made using Pax Dollars, Paxos uses OpenZeppelin pause mechanism for USDP contracts. Essentially, this allows USDP transfers to be paused when a threat occurs.
In addition, leading accounting company Withum audits US dollar deposits. He is responsible for ensuring that the total supply of Pax Dollar tokens matches the US dollars held in Paxos reserve accounts. This means that there should always be 1 dollar per 1 USDP token. Monthly assessment reports prepared by Withum are published on the Paxos website.
Please note that the Pax Dollar price is still subject to some fluctuations. However, it usually stays around $1 even during fluctuations, ensuring minimal volatility.
Founders of Pax Dollar
The financial technology company behind Pax Dollar tokens is Paxos. Paxos aims to revolutionize finance by finding a way to move assets as fast as the Internet evolves. In 2015, Paxos was granted a trust company charter by the New York State Department of Financial Services. making Paxos America’s first licensed financial institution to provide cryptocurrency-related products and services.
Initially, in 2018, Paxos introduced stablecoin Paxos Standard. However, in 2021 it was renamed Pax Dollar to more accurately reflect the USDP pegged price. Additionally, in 2012, Paxos launched a cryptocurrency exchange called this is Bit.
Paxos was founded Charles Cascarilla and Rich Teo. Prior to founding Paxos, Charles Cascarilla co-founded Cedar Hill Capital Partners and worked for companies such as Claiborne Capital Management, Goldman Sachs and Bank of America. In addition, he is a founding board member of the Association of Digital Asset Markets (ADAM).
Speaking of Rich Teo, he worked for Cedar Hill Capital Partners, a company founded by Cascarilla. He was also a financial analyst at Citi and even a combat signalman in the Singapore Armed Forces.
Purpose of Pax Dollars
Essentially, USDP tokens are a great way move US dollars decentralized without going through third-party banking systems. Like any other ERC-20 asset, the Pax dollar can be exchanged through the Ethereum network. Users simply need to send tokens to an address managed by Paxos to exchange USDP. Paxos will then burn the USDP tokens and transfer the fiat money to the user’s bank account.
Additionally, another purpose of Pax Dollar tokens is stabilize the volatility of the entire crypto market. Since the price of Pax Dollar is pegged to the US dollar, it is largely unaffected by fluctuations that occur in the cryptocurrency market.
In addition to reducing cryptocurrency market volatility and the movement of the US dollar, Pax Dollar crypto assets can function as a plan B for cryptocurrency holders during extremely strong market fluctuations. How? Cryptocurrency holders can simply exchange their assets for USDP, thus keeping the value of their assets in an asset that is not subject to large changes.
Finally, USDP serves utility token This allows users of the itBit exchange to instantly and freely convert other crypto assets to USDP. The stable price of USDP also helps reduce high market volatility.
What is the Pax Dollar trading volume in the last 24 hours?
USDP has trading volume US$1,946,718 in the last 24 hours.
What is the highest price in Pax Dollar?
USDP has the highest price US$2.02which was achieved at November 16, 2021 (2 years 3 months ago).
What is the lowest price at Pax Dollar?
USDP has the lowest price $0.6014which was achieved at December 11, 2022 (1 year 2 months ago).
Which exchanges are best for buying and selling USDP?
Currently the most active and dominant exchanges for buying and selling Pax Dollar are Binance, Kraken & Kucoin. The most popular Pax Dollar trading pairs USDP/USDT
(on
Binance
),
USDP/CRVUSD
(on
Curve Finance
),
USDP/BTC
(on
Upbit
). Go to Catalog of crypto trades to access customized and exclusive discounts, vouchers and welcome bonuses from the most popular exchanges.
Which hardware wallets are the most secure for storing USDP?
According to the process of in-depth analysis and testing, Ledger And Trezor are one of the most secure and popular hardware wallet options for storage Pax Dollar. For exclusive discounts and promotions on the best crypto wallets, visit Catalog of crypto trades.
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A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
