USDP is a fiat-backed stablecoin launched in 2018 by Paxos. Each USDP is backed by cash reserves and U.S. Treasury bills, held with regulated custodians. As a fully regulated entity under the New York State Department of Financial Services (NYDFS), Paxos ensures that USDP is always redeemable 1:1 for U.S. Dollars.
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USDP
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USDP is a fiat-backed stablecoin launched in 2018 by Paxos. Each USDP is backed by cash reserves and U.S. Treasury bills, held with regulated custodians. As a fully regulated entity under the New York State Department of Financial Services (NYDFS), Paxos ensures that USDP is always redeemable 1:1 for U.S. Dollars.
USDP is important because it set an early standard for regulated stablecoins. Backed by a licensed trust company, it provides peace of mind to users and institutions that value transparency and compliance. It also forms the backbone for other stablecoin projects, as Paxos is the issuer behind PayPal’s PYUSD and previously supported Binance’s BUSD.
While USDP is highly regulated, risks still exist. Changes in U.S. regulatory frameworks could affect issuance and redemption. USDP also faces adoption risks, as it competes with larger stablecoins like USDT and USDC for liquidity and usage. Finally, reliance on Paxos as a centralized issuer means users must trust a single institution to maintain reserves and operations.
Market cap
Over 500 million USD in 2025
Issuer
Paxos Trust Company
Launch year
2018
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Questions?
Answers.
What is USDP?
USDP, also known as Pax Dollar, is a stablecoin issued by Paxos and pegged 1:1 to the U.S. Dollar.
Is USDP safe to use?
Yes. USDP is issued by Paxos Trust Company, a regulated financial institution, and fully backed by cash and Treasuries.
How does USDP compare to PYUSD?
Both are issued by Paxos, but PYUSD is PayPal-branded, while USDP is Paxos’ own stablecoin.
Can I redeem USDP for cash?
Yes. USDP can be redeemed 1:1 for U.S. Dollars through Paxos.
Where can I spend USDP?
With Oobit, you can spend USDP anywhere Visa is accepted globally.
Is USDP regulated?
Yes. USDP is regulated by the NYDFS, making it one of the most compliant stablecoins available.
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