Pax Dollar (USDP) Price
USDP
$1.001
Market cap
148,440,311.0
Total volume
16,786,654
Circulating supply
148,253,494
Total supply
148,253,494
The diverse team at Paxos, helmed by CEO and co-founder Charles Cascarilla, is a tapestry of expertise spanning from Wall Street's financial arenas to the technological innovation hubs of Silicon Valley. Cascarilla, in particular, has navigated the financial industry from multiple vantage points—as a client, analyst, investor, and now, a fintech innovator.
Positioning itself as a pioneering regulated Trust entity with a deep understanding of blockchain, Paxos leverages its expertise to craft a novel settlement system aimed at mitigating risk and streamlining transactions. Initially established as Paxos Trust Company in 2012, the entity's evolution from operating the itBit cryptocurrency exchange to spearheading blockchain-based settlement solutions marks a significant pivot. Despite this transformation, itBit remains operational under Paxos's management.
In an unprecedented adoption curve, Paxos swiftly became a staple in the crypto landscape, endorsed by over 20 exchanges and OTC desks within its initial five weeks. Esteemed platforms including Binance, OKEx, Gate.io, ZB, KuCoin, and DigiFinex have embraced Paxos, positioning USDP as a viable alternative to the contentious Tether. The transparency of leadership at Paxos, notably with Charles Cascarilla at the helm—who brings over a decade and a half of experience in financial services and is a co-founder of Cedar Hill Asset Management, and has experience with Bank of America and Goldman Sachs—distinguishes the firm from its counterparts.
The introduction of the Pax Dollar (USDP) marks a milestone as the premier digital currency issued by a financial institution and underpinned by complete U.S. dollar reserves—a claim that predecessors in the realm of similar stablecoins cannot assert. The issuance by a financial entity, along with the transparency regarding its backing, sets Pax Dollar apart, underlining the unique foundation that PAX is built upon.
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