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What Is Pax Dollar (USDP)?
Pax Dollar (USDP) Founded in September of 2018, USDP is a flat-collateralized stablecoin. Stablecoins are cryptocurrencies designed to minimize the volatility of the price of the stablecoin relative to a specific stable asset or a basket of assets.
A stable coin can be pegged to a cryptocurrency or fiat money. In some cases, it can even be traded for commodities. Pax Dollar offers the advantage of transacting with blockchain assets through minimized price risk. The Pax Dollar tokens (USDP) are issued as ERC-20 tokens on the Ethereum blockchain and are collateralized 1:1 through the USD held in Paxos-owned US bank accounts USDP.
Who Are the Founders of Pax Dollar?
Charles Cascarilla and Rich Teo created the USDP.
Charles Cascarilla is the CEO and co-founder of Paxos. He is also the founding board member of the Association for Digital Asset Markets (ADAM) and a partner at Liberty City Ventures.
He also co-founded and is a partner at Cedar Hill Capital Partners. His experience includes being a portfolio manager at Claiborne Capital Management, a financial analyst at Goldman Sachs and an analyst at the Bank of America.
Rich Teo is the second co-founder of Paxos. Before that, he worked as a principal/senior Analyst at Cedar Hill Capital Partners. He was also a financial analyst at Citi and a combat signaler at the Singapore Armed Forces.
What Makes Pax Dollar Unique?
The Pax Dollar is a stablecoin that allows users to exchange U.S. dollars for the Pax Dollar Tokens. Its main goal is to stabilize the dollar with blockchain technology.
The Paxos company has a charter from the New York State Department of Financial Services to offer regulated services within the crypto asset world. The token itself is backed by the USD in accounts held by the company at the U.S. depository institutions.
Pax Dollar was built to improve the more significant financial ecosystem by creating a frictionless global network. All digital assets can be mobilized quickly, with a high level of flexibility and accessibility. Paxos aims to create a future where digital assets, commodities and securities can be transferred anywhere, anytime.
How Many Pax Dollar (USDP) Coins Are There in Circulation?
Pax Dollar combines the U.S. dollar’s stability with the efficiency of blockchain technology. It is a digital dollar and, like other crypto assets, can be moved instantaneously anywhere in the world at any time of the day. It is stable and is backed 1:1 for the dollar and issued by the Paxos Trust Company. This means that the funds are carefully protected, audited and regulated.
How Is the Pax Dollar Network Secured?
The Pax Dollar (USDP) can be transacted over the Ethereum blockchain in the same way as Ether or any other ERC-20 asset. If a user wants to redeem USDP, they can send tokens to an address controlled by Paxos that will destroy the tokens and transfer flat currency to the user’s bank account. This existence on a public blockchain can allow traders and exchanges to use USDP as an alternative to flat currencies and help them outsource their banking requirements to Paxos. This also allows Paxos to be integrated with the Ethereum based applications easily.
When there is a security threat, Paxos can pause transfers and approvals of the USDP Token. A single-owner role controls this ability to pause, such as OpenZeppelin’s ownable. The model follows OpenZeppelin’s Pausable. OpenZeppelin contracts help you minimize risk by using tested libraries of smart contracts for Ethereum and other blockchains USDP.
Where Can You Buy Pax Dollar (USDP)?
- VCC Exchange
- Bithumb Global
- 1inch Exchange