Last updated：--
View ChartPax Dollar (USDP) is a fiat-collateralized stablecoin issued by Paxos Trust Company, designed to function as a digital representation of the US dollar on blockchain networks. Originally launched in September 2018 under the name Paxos Standard with the ticker PAX, the asset was rebranded to Pax Dollar and the USDP ticker in August 2021. USDP is an ERC-20 token primarily hosted on the Ethereum blockchain, with support for the Solana blockchain added in January 2024. Each USDP token is backed 1:1 by US dollar reserves held in US bank accounts or backed by short-term US Treasuries, and the token is centrally minted and burned by Paxos. The supply of USDP is elastic, meaning it expands and contracts based on market demand and redemption activity. As a regulated stablecoin, USDP is issued by a New York State Department of Financial Services-chartered trust company, positioning it as an institutional and DeFi-native dollar for trading desks, payment networks, and decentralized finance users. The project is fully operational and integrated across centralized exchanges, DeFi platforms, and payment networks.
Pax Dollar is issued by Paxos Trust Company, a financial technology firm founded in 2012 by Charles Cascarilla and Rich Teo. Paxos was originally known as iBit and maintains headquarters in New York and Singapore. Charles Cascarilla serves as CEO and co-founder, bringing over 15 years of financial services experience, including roles as a portfolio manager at Claiborne Capital Management, a financial analyst at Goldman Sachs, and an analyst at Bank of America. He is also a founding board member of the Association for Digital Asset Markets and a partner at Liberty City Ventures. Rich Teo, the second co-founder, previously worked as a principal and senior analyst at Cedar Hill Capital Partners and as a financial analyst at Citi. The Paxos team draws talent from diverse backgrounds spanning Wall Street and Silicon Valley. The company is regulated by the New York State Department of Financial Services and holds a limited purpose trust company charter, making it the first virtual currency company to receive such a charter. Paxos also has regulatory oversight from the Monetary Authority of Singapore.
USDP operates as a centrally minted and burned stablecoin on the Ethereum blockchain as an ERC-20 token, with additional support on Solana. When a user deposits US dollars with Paxos Trust Company, an equivalent amount of USDP is minted and issued to the user. Conversely, when USDP is redeemed, the corresponding tokens are burned and the user receives US dollars. This mechanism maintains the 1:1 peg between USDP and the US dollar. USDP transactions require 12 network confirmations on the Ethereum blockchain. On the Paxos platform, users see a single USD balance that can be withdrawn interchangeably as fiat currency or as USD-backed stablecoins to external wallets supporting ERC-20 or Solana tokens. The token is backed by USD held in accounts at US depository institutions, with reserves maintained 100% in cash and cash equivalents or short-term US Treasuries. All client assets are held bankruptcy remote by law, and Paxos publishes monthly attestation reports to verify that every token in circulation is fully backed. USDP is compatible with Ethereum and most major blockchains, facilitating access to decentralized applications.
Pax Dollar distinguishes itself through its regulatory compliance and institutional focus. USDP is issued by Paxos Trust Company, a regulated financial institution chartered by the New York State Department of Financial Services, providing a level of regulatory oversight uncommon among stablecoins. The reserves backing USDP are held 100% in cash and cash equivalents or short-term US Treasuries, with monthly independent attestations published to verify full collateralization. All client assets are held bankruptcy remote by law, protecting holders in the event of insolvency. USDP offers the stability of the US dollar combined with the speed, programmability, and global accessibility of blockchain technology. It enables instant, low-cost transactions anywhere in the world at any time. The token is designed for institutional and DeFi-native use, serving trading desks, payment networks, and decentralized finance platforms. USDP can be swapped for thousands of tokens across hundreds of networks including Ethereum, Bitcoin, Solana, Linea, Base, and Arbitrum. Its regulatory standing and transparent reserve structure make it a trusted digital dollar for both institutional and retail users seeking minimized price risk in crypto transactions.
USDP serves a wide range of use cases across the cryptocurrency ecosystem. It is primarily used for payments, trading, lending, and DeFi activities. Trading desks and institutional users utilize USDP to move value quickly between exchanges and wallets without exposure to cryptocurrency price volatility. In decentralized finance, USDP is supported in applications for trading, staking, yield optimization, and payments. Users can hold USDP as a stable store of value, trade it for other digital assets, borrow funds against it, earn interest through savings products, and spend it via crypto debit cards. USDP can be bridged across networks and swapped for thousands of tokens across hundreds of networks including Ethereum, Bitcoin, Solana, Linea, Base, and Arbitrum. It is available on centralized exchanges, decentralized exchanges, and payment networks. On platforms like Nexo, users can hold, trade, borrow, earn interest, spend, and send USDP. Through MetaMask, users can buy, sell, swap, predict, use perpetual contracts, and stake USDP. BitPay allows instant purchase of Pax Dollar, and Bit2Me provides wallet compatibility with Ethereum and major blockchains for DApp access.
The Pax Dollar ecosystem continues to expand across multiple blockchain networks and platforms. USDP is available on Ethereum and Solana, with cross-network bridging supported through MetaMask's Swap aggregator, which combines bridging and swapping into a single transaction. The token can be swapped for thousands of tokens across hundreds of networks including Ethereum, Bitcoin, Solana, Linea, Base, and Arbitrum. USDP is integrated across centralized exchanges, decentralized exchanges, and payment networks, with 131 active markets reported. The token is supported in decentralized applications for trading, staking, yield optimization, and payments. Paxos publishes monthly attestation reports, maintaining transparency and trust in the ecosystem. The project has evolved from its original launch as Paxos Standard in 2018 to its rebranding as Pax Dollar in 2021 and the addition of Solana support in January 2024. USDP is used by trading desks, institutional users, and DeFi participants, and it remains a key component of the broader stablecoin infrastructure. The Paxos Knowledge Base provides ongoing support and educational resources for users and developers.
USDP cannot be mined in the traditional sense because it is not a proof-of-work or proof-of-stake cryptocurrency. Instead, USDP is centrally minted and burned by Paxos Trust Company based on market demand and redemption activity. New USDP tokens are created when users deposit US dollars with Paxos, and tokens are destroyed when users redeem USDP for US dollars. This elastic supply model ensures that the circulating supply of USDP always matches the reserves held in US bank accounts or short-term US Treasuries. There is no mining reward, staking mechanism, or consensus participation for USDP holders. Users can earn interest on USDP through savings products offered by certain platforms, and they can participate in DeFi protocols that accept USDP for lending, borrowing, or liquidity provision. However, these activities are not mining and do not generate new USDP tokens. The only way to acquire USDP is to purchase it on an exchange, receive it as payment, or obtain it through a platform that supports USDP transactions.
Keeping USDP safe requires understanding both the security of the underlying blockchain and the custody arrangements of the platform where you hold your tokens. USDP is an ERC-20 token on Ethereum and a token on Solana, so it can be stored in any wallet that supports these networks, including hardware wallets, software wallets, and exchange wallets. For maximum security, use a hardware wallet that supports Ethereum or Solana and store your private keys offline. Never share your private keys or seed phrase with anyone, and be cautious of phishing attempts that impersonate Paxos or wallet providers. Because USDP is issued by Paxos Trust Company, the reserves backing the token are held bankruptcy remote by law, providing protection in the event of insolvency. Paxos publishes monthly attestation reports, which you can review to verify that USDP remains fully collateralized. When using decentralized applications or swapping USDP across networks, ensure you are interacting with legitimate contracts and verified platforms. Consider using multiple wallets to separate long-term holdings from active trading balances. Always verify transaction details before confirming, and keep your wallet software updated to the latest version to protect against known vulnerabilities.
Buy in just 4 steps (Register → Verify → Deposit/Purchase → Receive Coins)
Choose Pax Dollar products that suit your trading style
USDPUSDTZero slippage, ultra-fast matching, supports large spot transactions seamlessly, ideal for long-term asset allocation and spot accumulation.
TradeAs of right now, the live price of Pax Dollar (USDP) is $0.999364. Its market price fluctuates in real time based on overall supply and demand, and you can check the updated USDP to USD rate at the top of BTCC’s price page. In terms of market scope, Pax Dollar records a 24h trading volume of $378.190533K (reflecting total buying and selling activity over the last 24 hours), with a total market cap of $26.119249M. Its current circulating supply stands at 26.08M out of a maximum supply cap of ∞.
The price volatility of Pax Dollar (USDP) is essentially driven by market supply and demand dynamics. Key factors behind its price movements include: 1) Global macroeconomic conditions and sentiment, such as Fed interest rate decisions; 2) Tokenomics, including the ratio of circulating supply (26.08M) to max supply (∞), as well as token unlocks and burn mechanisms; 3) Fundamental developments, such as ecosystem expansion, on-chain activity, and core protocol upgrades; and 4) Derivatives market dynamics, including leverage battles and liquidation cascades in perpetual contracts.
Looking at its historical price performance, Pax Dollar (USDP) hit an all-time high (ATH) of $2.022771 on 2021-11-16 07:45, representing the peak of market sentiment. Conversely, its all-time low (ATL) was recorded at $0.872764 on 2020-03-13 02:40. Note that historical highs and lows reflect past performance only and do not guarantee future price trends; investment decisions should always align with live market conditions and your personal risk tolerance.
When trading USDP futures on BTCC, technical chart analysis begins with identifying key support and resistance levels on 1D and 4H charts using historical price pivots. Next, apply MA/EMA indicators to gauge trend directions, alongside RSI (values above 70 indicate overbought conditions, while below 30 suggest oversold levels). Always validate breakout signals with the 24h trading volume ($378.190533K), as price breakouts accompanied by strong volume offer higher reliability.
Unlike spot trading where you can only profit from rising prices, BTCC’s USDPUSDT perpetual contracts support two-way trading. If you anticipate a price decline for Pax Dollar, simply log into your BTCC account with USDT margin available, navigate to the USDPUSDT pair, set your desired leverage and Take-Profit/Stop-Loss levels, and click "Sell/Short". Once the price drops to your target, close your position to lock in profit from the price difference.
Yes. BTCC offers flexible, high-tier leverage options for USDPUSDT perpetual futures, providing up to 500x leverage (maximum leverage limits may vary depending on liquidity). While leverage boosts capital efficiency by allowing you to control larger position sizes with less margin, it also amplifies liquidation risks proportionately. BTCC strongly advises using Stop-Loss orders to strictly manage risk when trading with high leverage.
Beginners and traders testing new strategies can switch to BTCC's "Demo Trading" mode with a single click on the App or Web interface. The demo account comes pre-loaded with risk-free virtual funds (such as 100,000 USDT). Powered by live market prices (current price: $0.999364), you can practice opening/closing positions, adjusting leverage, and setting TP/SL for USDPUSDT with zero financial risk.
Trading Pax Dollar (USDP) on BTCC requires just 4 simple steps: 1) Register a BTCC account and complete basic Identity Verification (KYC); 2) Buy USDT using fiat via credit card/express payment, or deposit USDT/BTC directly from an external wallet; 3) Navigate to the Futures section, search for USDPUSDT, and review its live price ($0.999364) and chart; 4) Select your margin mode and leverage, choose "Buy/Long" or "Sell/Short" based on your market outlook, set TP/SL orders, and confirm your trade.
Cryptocurrency prices are subject to high market risk and price volatility. You should only invest in products that you are familiar with and where you understand the associated risks. The content expressed on this page is not intended to be and shall not be construed as an endorsement by BTCC regarding the reliability or accuracy of such content. You should carefully consider your investment experience, financial situation, investment objectives, and risk tolerance, and consult an independent financial adviser before making any investment. This material should not be construed as financial advice. Past performance is not a reliable indicator of future performance. The value of your investment can go down as well as up, and you may not get back the amount you invested. You are solely responsible for your investment decisions. BTCC is not responsible for any losses you may incur. For more information, please refer to our Terms of Use and Risk Warning. Please also note that data relating to the above-mentioned cryptocurrency presented here (such as its current live price) are based on third-party sources. They are presented to you on an “as is” basis and for informational purposes only, without representation or warranty of any kind. Links provided to third-party sites are also not under BTCC’s control. BTCC is not responsible for the reliability or accuracy of such third-party sites or their contents.
Bitcoin
Ethereum
Tether USDt
BNB
XRP
Solana
Dogecoin
Cardano
Avalanche
