What is Pax Dollar (USDP)?

Formerly known as Paxos standard (PAX), pax dollar (USDP) is an ERC-20 stablecoin that is backed at a 1:1 ratio to the U.S. dollar. Created by Paxos Trust Company — which also issues the Gemini dollar (GUSD) and pax gold (PAXG) stablecoins — every USDP is backed by proven dollar reserves. Parent company Paxos is a Trust Chartered company that adheres to regulations required for financial businesses operating in the United States.