04/21/2024
BTC64,894.0
ETH3,167.86
USDT1.0
BNB580.63
SOL151.61
USDC0.999754
XRP0.53153
DOGE0.161274
BUSD1.004

Pax Dollar (USDP) Price

USDP
4,6
$1.003
Market cap
135,222,217.0
Total volume
8,503,009
Circulating supply
134,748,540
Total supply
134,748,540
Launched by Paxos, a forward-thinking fintech firm with the goal of revolutionizing finance for the digital age, the Pax Dollar (USDP) represents a significant stride toward asset mobility at internet speeds. Garnering the distinction of being the inaugural cryptocurrency outfit to be chartered by the New York State Department of Financial Services, Paxos stands as a beacon of regulated innovation. Its designation as a chartered trust company imbued with fiduciary responsibilities under banking regulations enables it to deliver regulated cryptocurrency and virtual commodity services.

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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