Starting today, Blockchain.com users will find Paxos Standard (PAX) renamed to Pax Dollar (USDP) in the Wallet and the Exchange. This follows Paxos’s decision to update the name of the asset to reflect its unrivaled 1:1 US dollar backing. You can read more here.
USDP was the first stablecoin we listed in the Blockchain.com Wallet back in May 2019, paving the path for other stablecoin listings including Dai (DAI), USD Coin (USDC), and Tether (USDT).
Like other USD stablecoins, it’s pegged 1:1 to the US dollar and designed to minimize price volatility.
So, what sets it apart?
First, it’s the first digital asset issued by an institution chartered by the famously stringent New York State Department of Financial Services. Second, every USDP token has 1:1 backing from a dollar reserve held at Federal Deposit Insurance Corporation (FDIC)-insured banks.