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Pax Dollar (USDP) is a stablecoin that is pegged to the value of the US dollar on a 1:1 basis. It was launched by Paxos Trust Company in 2018 and is regulated by the New York State Department of Financial Services (NYDFS). USDP is backed by US dollars held in reserve, which are regularly audited by third-party accounting firms to ensure that the reserves match the outstanding USDP tokens in circulation.
One of the unique features of USDP is its focus on transparency and regulatory compliance. Paxos Trust Company is a regulated financial institution and is subject to regular audits and oversight by regulatory authorities. This provides investors and users with greater confidence in the stability and security of the USDP token.
USDP can be used for a wide range of applications, including payments, remittances, and international money transfers. It can also be used as a trading pair on cryptocurrency exchanges and as a means of payment for goods and services. USDP is particularly popular among users who wish to trade cryptocurrencies without having to deal with the volatility of other digital assets.
Overall, USDP is a stable and secure digital asset that is designed to provide a reliable means of payment and store of value. Its focus on transparency, regulatory compliance, and stability sets it apart from many other stablecoins in the market, and it has gained significant adoption among investors and traders in the cryptocurrency space. As of April 2023, the price of USDP is approximately 1 USD, as it is intended to maintain a stable value relative to the US dollar.
With a total market cap of over $490 million, Pax Dollar is the No. 66 cryptocurrency by market size. The currency symbol for Pax Dollar is USDP. The total supply of Pax Dollar is 491 million coins.
We found crypto protocols offering up to 14% APY on Pax Dollar deposits (14% APY CeFi, 9.6% APY DeFi) and loans as low as 6.9% APR against Pax Dollar used as collateral. Check out our Pax Dollar staking yields table and Pax Dollar loan rates table for further details.
The technical price analysis for Pax Dollar below is undertaken automatically by Tradingview by looking at over 20 different technical chart indicators. You can see how many of these indicators were BUY, NEUTRAL or SELL at the bottom of the chart. The indicators will change depending on what time frame you are looking at. The analysis does not consider market sentiment or broader macro issues that may affect the price of Pax Dollar.
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