Overview
USDP (Pax Dollar, formerly PAX) is one of the oldest regulated stablecoins, issued by Paxos Trust Company since September 2018. Paxos holds the first New York trust charter for a crypto firm (2015) and is regulated by NYDFS. USDP's market cap has declined to under $200M as Paxos shifted focus to issuing PYUSD (for PayPal) and USDG (consortium model), but it remains important as a benchmark for regulated stablecoin compliance standards.
Who Created USDP?
USDP was created by Paxos Trust Company and launched in 2018. It is a Fiat-Backed stablecoin designed to maintain a stable value pegged to the US dollar.
Key Features
- +NYDFS trust charter — the gold standard for US stablecoin regulation
- +New York trust law segregation ensures reserve assets are bankruptcy remote
- +Paxos is the most credentialed stablecoin issuer in the US by regulatory standing
- +Monthly Withum attestations with full reserve composition disclosure
- +Treasury-only backing — no commercial paper, no credit risk
- +Foundation for Paxos' broader platform (PYUSD, USDG, PAX Gold) shows infrastructure capability
Where to Use USDP
USDP is available on Ethereum, Solana. You can use it on centralized exchanges for trading, in DeFi protocols for lending and borrowing, or as a stable store of value to park funds between trades.
Official website: https://paxos.com/usdp