Pax Dollar (USDP) stands as a flat-collateralized stablecoin, entering the cryptocurrency scene in September 2018. As a stablecoin, its primary objective is to mitigate the volatility associated with cryptocurrency prices, offering users a stable and secure digital representation of the U.S. dollar.
Founders: The brains behind Pax Dollar are Charles Cascarilla and Rich Teo:
- Charles Cascarilla: CEO and Co-founder of Paxos, with a rich background in finance, including roles at Goldman Sachs and the Bank of America.
- Rich Teo: Co-founder of Paxos, bringing financial and military experience to the table.
- Collateralized Stability: Pax Dollar is designed to be pegged 1:1 to the U.S. dollar, with each token backed by USD held in Paxos-owned U.S. bank accounts.
- Regulatory Approval: Paxos holds a charter from the New York State Department of Financial Services, allowing regulated services within the crypto asset domain.
- Blockchain Technology Integration: The stablecoin leverages blockchain technology to enable efficient and seamless global transactions, offering flexibility and accessibility.
- Frictionless Global Network: Pax Dollar envisions creating a future where digital assets, commodities, and securities can be swiftly and flexibly transferred globally.
- Audited and Regulated: The stablecoin is carefully protected, audited, and regulated, aligning with Paxos’s commitment to security and compliance.
Circulation and Security:
- Circulating Supply: Pax Dollar is a stablecoin and does not follow a traditional cryptocurrency supply model.
- Blockchain Security: USDP transactions occur over the Ethereum blockchain, allowing for instantaneous transfers and ensuring a secure and auditable environment. Paxos has the ability to pause transfers and approvals when necessary.
Where to Buy Pax Dollar (USDP): For users interested in acquiring Pax Dollar, it is available on various cryptocurrency exchanges, including:
- VCC Exchange
- Bithumb Global
- 1inch Exchange
Pax Dollar’s commitment to stability, regulatory compliance, and blockchain integration positions it as a reliable bridge between traditional finance and the cryptocurrency world. As a regulated and audited stablecoin, it aims to offer users the benefits of blockchain technology without compromising on security and stability.