Pax Dollar (USDP)USD

Pax Dollar is a regulated, U.S. dollar-backed stablecoin issued by Paxos Trust Company. It functions as a tokenized U.S. dollar used for transfers, trading, and settlement. Paxos Trust Company, a blockchain infrastructure firm co-founded by Charles Cascarilla, was established in 2012 and later obtained a New York limited-purpose trust charter. The stablecoin launched in September 2018 as Paxos Standard (PAX) and was rebranded to Pax Dollar (USDP) in 2021. USDP is an ERC-20 token on the Ethereum blockchain and is also available on other chains such as Solana. It relies on the underlying blockchains' consensus mechanisms rather than operating its own network. Each USDP token is redeemable 1:1 for U.S. dollars. Reserves are held in cash and cash equivalents. Transaction fees are paid in the native gas token of the host chain, not in USDP itself. The token has no fixed supply cap; tokens are issued and redeemed on demand against reserves, so the circulating supply adjusts based on user activity and remains fully backed at all times. Pax Dollar is a price-stable digital dollar used for on-chain payments, institutional settlement, and global transfers while maintaining parity with the U.S. dollar.