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About Pax Dollar
Key Points:
- Founded in September 2018
- Flat-collateralized stablecoin
- 1:1 collateralized with USD held in Paxos-owned US bank accounts
- ERC-20 tokens on the Ethereum blockchain
Founders:
- Charles Cascarilla (CEO and co-founder of Paxos)
- Rich Teo (co-founder of Paxos)
Unique Features:
- Allows users to exchange U.S. dollars for Pax Dollar Tokens
- Regulated by the New York State Department of Financial
About Paxos Standard (PAX)
Introducing Pax Dollar (USDP): A Stablecoin Pioneer
Established in September 2018, Pax Dollar is a fiat-collateralized stablecoin, a type of cryptocurrency meticulously designed to mitigate price fluctuations, thereby maintaining a stable value relative to a specific asset or a diversified basket of assets.
A stablecoin can be anchored to a cryptocurrency or fiat currency, and in certain instances, even exchanged for commodities. The Pax Dollar offers the distinct advantage of facilitating transactions with blockchain assets while mitigating price volatility risks. The Pax Dollar tokens (USDP), issued as ERC-20 tokens on the Ethereum blockchain, are fully collateralized on a 1:1 basis, backed by USD reserves held in Paxos-owned US bank accounts.
The Visionaries Behind Pax Dollar: Meet the Founders
The Pax Dollar was conceived by visionary founders Charles Cascarilla and Rich Teo.
At the helm of Paxos is Charles Cascarilla, who serves as CEO and co-founder. Additionally, he holds a founding board member position at the Association for Digital Asset Markets (ADAM) and is a partner at Liberty City Ventures.
He is also the co-founder and partner at Cedar Hill Capital Partners, boasting a distinguished professional background that encompasses his tenure as a portfolio manager at Claiborne Capital Management, a financial analyst at Goldman Sachs, and an analyst at the Bank of America.
Rich Teo, the esteemed co-founder of Paxos, boasts a diverse professional background. Prior to his current role, he served as a principal/senior analyst at Cedar Hill Capital Partners. His previous experience also includes stints as a financial analyst at Citi and a combat signaler in the Singapore Armed Forces.
Unveiling the Uniqueness of Pax Dollar
The Pax Dollar is a stablecoin that enables seamless exchange of U.S. dollars for Pax Dollar Tokens, leveraging blockchain technology to achieve unparalleled stability.
Paxos, a company chartered by the New York State Department of Financial Services, is empowered to provide regulated services within the crypto asset realm. Notably, the token is fully backed by the US dollar, with reserves held in accounts maintained by the company at reputable U.S. depository institutions.
Pax Dollar was designed to revolutionize the broader financial landscape by establishing a seamless global network. This innovative platform enables the rapid mobilization of digital assets, characterized by unparalleled flexibility and accessibility. Paxos envisions a future where digital assets, commodities, and securities can be effortlessly transferred anywhere, at any time.
What Is the Circulating Supply of Pax Dollar (USDP) Coins?
Pax Dollar seamlessly merges the stability of the U.S. dollar with the efficiency of blockchain technology. As a digital dollar, it can be transferred instantaneously anywhere in the world, at any time of day. Backed 1:1 by the dollar and issued by the Paxos Trust Company, this stablecoin ensures that funds are meticulously protected, audited, and regulated, providing an added layer of security and trust.
The Pax Dollar Network’s Robust Security Mechanisms
The Pax Dollar (USDP) can be seamlessly transacted over the Ethereum blockchain, akin to Ether or any other ERC-20 asset. Should a user wish to redeem USDP, they can simply send tokens to an address controlled by Paxos, which will subsequently destroy the tokens and facilitate a transfer of flat currency to the user’s bank account. By existing on a public blockchain, USDP enables traders and exchanges to utilize it as a viable alternative to flat currencies, effectively outsourcing their banking requirements to Paxos. This integration also allows for effortless compatibility with Ethereum-based applications.
In the event of a security threat, Paxos has the capability to temporarily halt transfers and approvals of the USDP Token. This pause functionality is governed by a single owner role, akin to OpenZeppelin’s ownable model, which is inspired by OpenZeppelin’s Pausable paradigm. By leveraging OpenZeppelin’s battle-tested libraries of smart contracts, designed for Ethereum and other blockchain platforms, you can significantly mitigate risk.
Owing to its regulated trust, Paxos is legally empowered to transfer assets and monies. By synergistically combining this permission with blockchain technology, transactions can be executed rapidly, securely, and with absolute risk mitigation.
Where to Acquire Pax Dollar (USDP): A Comprehensive Guide
The Pax Dollar, also known as USDP, can be readily bought, sold, and traded on a multitude of prominent exchanges, including:
The esteemed cryptocurrency exchange, Binance.
VCC Exchange: A Pioneering Cryptocurrency Trading Platform
Digifinex: A Pioneering Digital Asset Exchange
Bittrex, a stalwart in the realm of cryptocurrency exchanges, has established itself as a beacon of trust and reliability in the digital asset landscape.
Bithumb Global, a premier digital asset exchange,
The 1inch Exchange
Alternatively, you can explore a comprehensive list of options on our dedicated crypto exchanges page. For those eager to delve into the world of cryptocurrency, we invite you to discover the ins and outs of purchasing digital assets
here
.
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