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PAX Dollar is a revolutionary digital currency created by the Paxos Trust Company that provides users with unprecedented stability. Each PAXD token represents one US dollar held in bank accounts within America and USDD is subject to regular audits, allowing customers an assurance of financial security unlike ever before.
Key Takeaways
- Pax Dollar, also known as USDP, is a stablecoin that is pegged to the value of the U.S. dollar.
- USDP is issued by Paxos, a New York-based trust company that operates under a charter from the New York State Department of Financial Services.
- Pax Dollar is built on the Ethereum blockchain and follows the ERC-20 token standard, making it easily transferable on the Ethereum network.
- The value of the Pax Dollar is maintained by holding U.S. dollars in accounts at U.S. depository institutions and is regularly audited by a reputable accounting firm to ensure its value is backed 1:1 by the U.S. dollar.
How does Pax Dollar work?
Pax Dollar (USDP) provides a more economical and accessible alternative to traditional U.S. dollar-denominated assets, allowing anyone from any location the flexibility to send and receive them with ease.
With Pax Dollar, you can experience the freedom of borderless transactions without risk or limitations – thanks to blockchain technology. Whether remitting funds across borders or utilizing a stable digital asset for transfers and payments, traditional financial constraints no longer apply with Paxos’ decentralized solutions.
Pax Dollar (USDP) is a true digital twin of the U.S. dollar, allowing for simple and secure access to stable assets when needed. Through their smart contract, users can quickly convert U.S Dollars into Pax Dollar (USDP) which is then held in an account created with the service provider. When ready, they can easily exchange back USDP for USD while simultaneously reducing its overall circulation through burning redeemed tokens instantly.
Paxos makes exchanging U.S. dollars for USDP stablecoin straightforward and without any additional costs – simply convert at least 100 USD to start. All transactions are safeguarded with cash equivalents stored in secure, regulated accounts that remain redeemable 1:1 for the original dollar value invested anytime you need it back.
As of now, the Pax Dollar price prediction remains stable, hovering around $1, as it is designed to maintain parity with the US dollar. The Pax crypto price can be easily converted to USD as the Pax Dollar is always equal to one US dollar.
What is Paxos?
Paxos is a blockchain-based platform, where users can safely explore exciting opportunities in digital assets with confidence. This platform offers a secure, regulated environment for individuals and institutional traders to access the crypto markets.
Paxos is an innovative two-asset ecosystem offering a secure, fully regulated experience. The unique combination of the PAX Dollar stablecoin and PAX Gold token provides powerful options for crypto users around the world.
The platform is innovating a secure, transparent global payment platform that drives down risks associated with market volatility. To ensure its USDP stablecoin remains reliable and protected against any potential vulnerabilities, Paxos completes rigorous audits of the valued assets backing it on an ongoing basis.
Pax Dollar and Paxos Development
Paxos Trust Company, LLC was founded in 2012 with an impressive lineup: Charles Cascarilla (co-founder of Cedar Hill Capital Partners) and Rich Teo (Principal Analyst), as well as former U.S. Senator Bill Bradley, who served on the Senate Finance Committee; plus Sheila Bair – a distinguished name among Financial Industry circles for her one-time role as Chairman at Federal Deposit Insurance Corporation (FDIC).
In 2018, Pax Dollar made its debut as the USDP stablecoin to enable trustless transactions. Backed by U.S dollars held in depository institutions it represented a new way of doing commerce without relying on banks for security or stability concerns. The USDP stablecoin was rebranded in August 2021.
Paxos has enabled their customers to gain fractional ownership of gold with all the convenience and flexibility that digital assets provide. This token is a revolutionary step in bringing tangible value onto the blockchain by linking it directly to an evergreen asset – precious metals.
Pax Dollar FAQ
Who Are the Founders of Pax Dollar (USDP)?
The Pax Dollar was developed by Charles Cascarilla and Rich Teo, the co-founders of Paxos.
Charles Cascarilla brings a wealth of experience in financial markets to his leadership roles at Paxos, ADAM, Liberty City Ventures and Cedar Hill Capital Partners. He has had tremendous success as a portfolio manager for Claiborne Capital Management and analyst positions with Goldman Sachs & Bank of America – all contributing to an impressive career path that reflects his knowledge and insight within the industry.
Rich Teo, co-founder of Paxos, brings a unique perspective to the table – one shaped by years of experience in both finance and service in the Singapore Armed Forces. As Principal/Senior Analyst at Cedar Hill Capital Partners and Financial Analyst at Citi Bank previously, he has invaluable insights into how financial systems operate.
What makes Pax Dollar (USDP) Unique?
Pax Dollar is revolutionizing the digital payments space with its innovative new stablecoin. Built using blockchain technology, Pax Dollar Tokens provide a secure way to transfer and stabilize U.S dollar value across borders quickly and easily. This way, connecting users around the world in unprecedented ways.
Paxos, the company behind the Pax Dollar, is leading the charge in cryptocurrency regulation, empowered to provide secure services by its charter from New York State’s Department of Financial Services. Proving that there’s nothing imaginary about cryptocurrencies anymore, Pax Dollar tokens are each backed with U.S dollars securely stored at nationwide depository institutions.
Paxos is working to revolutionize the finance industry, creating a world with Pax Dollar where digital assets can be transferred effortlessly across borders. Aiming for maximum accessibility and flexibility, their ultimate goal is to enable global transactions of commodities, securities and more – making it easier than ever before to move money quickly around the globe.
How Is the Pax Dollar (USDP) Network Secured?
In case of security threats, Paxos ensures the secure transfer of USDP tokens with its single owner role, powered by OpenZeppelin’s Pausable contract module. By leveraging industry-leading smart contracts libraries from OpenZepplin, risk is minimized while ensuring a safe and efficient user experience across Ethereum networks.