USDP

USDP (Pax Dollar), formerly known as PAX, is a regulated stablecoin issued by Paxos Trust Company and approved by the New York Department of Financial Services (NYDFS). It maintains a 1:1 peg with the US Dollar.

How It Works

USDP is backed by US Dollar deposits and short-term US Treasury securities held in FDIC-insured, segregated accounts. Paxos publishes monthly attestation reports from independent auditors to verify the reserves.

Key Features

• Regulatory Oversight: Approved and regulated by NYDFS
• Full Backing: 1:1 backed by USD and US Treasury securities
• Monthly Attestations: Independent third-party verification of reserves
• Direct Issuance: Can be purchased directly from Paxos or through exchanges
• Multi-Chain: Available on Ethereum and other blockchains

Regulatory Compliance

As a regulated stablecoin issued by a New York-chartered trust company, USDP adheres to strict banking compliance and consumer protection laws. Paxos is subject to regular audits and regulatory oversight.

Use Cases

USDP is used for institutional treasury management, DeFi applications, trading, and as a stable medium of exchange for businesses requiring regulatory-compliant stablecoins.