What is Pax Dollar?
Paxos Standard Token, or PAX, is a cryptocurrency that is in the class of stablecoins. Stablecoins are a cryptocurrency that is backed with real-world assets, either a country's currency such as the U.S. Dollar, or with a commodity such as gold or silver. PAX is backed with U.S. Dollars, and they maintain a 1:1 ratio between PAX and U.S. Dollars. There are many other stablecoin cryptocurrencies, and they all offer roughly the same advantages to those looking to invest in cryptocurrency but don't like the volatility that is inherent in many, if not most, cryptocurrencies. These advantages include being able to do transactions 24/7, having a decentralized accounting, immutability, and providing for instant worldwide transactions.
Why Did PAX Come About?
PAX was developed, and continues to operate transparently, because of a major controversy in the stablecoin marketplace in 2018. At that time, another stablecoin cryptocurrency by the name of Tether made claims of having more than $1.8 billion in real-world assets. There were many that were skeptical of this claim, and many were convinced that Tether was inflating their numbers by essentially making up Tether coins from nothing. The detractors claimed that Tether did not actually have the real-world assets to back up their claims. Tether released a letter supposedly from a bank in the Bahamas that confirmed the amount of assets in a bank account that would have backed up the cryptocurrency.
Because of this controversy in the stablecoin world at that time, PAX was developed and put forward that they were going to be transparent to a fault. The team that developed PAX saw an opportunity to gain market share by transparently showing that they always had the real-world assets to back the useage claims they put forward. They did this by issuing and burning their tokens using a smart contract that is audited regularly. Additionally, PAX also has a well-known U.S. auditing firm verify the reserves that they have. By doing these steps, the hope is that they can build trust in stablecoins, and in particular PAX.
How have cryptocurrencies faired during this unusual year? Crypto.co has your list of winners and losers in the crypto world
What are Pax Dollar Frequenty Asked Questions?
Where does Pax Dollar (USDP) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, Pax Dollar currently ranks in position 67 out of the thousands of cryptocurrencies. It is also important to consider Pax Dollar‘s market cap – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. Pax Dollar has a market cap of $ 847,070,966, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 448,330,814,565, Litecoin at $ 4,323,033,035, Ethereum at $ 222,497,946,756, Tether at $ 67,687,903,289, and XRP at $ 18,519,148,262.
What is the price of Pax Dollar (USDP) today (updated in realtime)?
The current price of Pax Dollar is $ 0.99566 in USD. (The price in Euros is 0,978988 €; and the price in Bitcoin is Ƀ 0.00004253 BTC.)
What is Pax Dollar‘s (USDP) market supply?
The total available supply of Pax Dollar is 849,426,072 USDP. The total supply of Pax Dollar is 849,426,072 USDP.
What is the 24 hour volume for Pax Dollar (USDP)?
The 24 hour volume for Pax Dollar is $ 1,984,020.
How has Pax Dollar (USDP) performed recently?
Pax Dollar‘s price has decreased in the last 24 hours by -0.40%. This compares with a seven day change of -0.38%. The trading volume over the last 24 hours was $ 1,984,020. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds. It can be a good indicator of the general interest in the cryptocurrency.
What is Pax Dollar (USDP) official website?
Links to Pax Dollar‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
Has Pax Dollar (USDP) performed well historically?
Here is a chart showing how Pax Dollar has performed historically.
Where Can I Buy Pax Dollar (USDP)?
Here is a breakdown of the current market prices from top cryptocurrency exchanges.
Charts & Market Data
Pax Dollar News
- Economic design changes will affect ETH's value post-Merge, says ConsenSys execCointelegraph.com News - 10 hours agoLex Sokolin said that post-Merge, DeFi projects will have to compete with the returns offered by the core ETH protocol. As the Ethereum Merge draws…
- Price analysis 8/17: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAXCointelegraph.com News - 10 hours agoCrypto and stock markets corrected as traders grew nervous ahead of August 17’s FOMC minutes, but the real stress point is whether traders will “buy…
- Tornado Cash sanctions will ultimately undermine the US and strengthen cryptoCointelegraph.com News - 11 hours agoLike any aging empire, America is reacting to its competition. The United States’ move to sanction the open-source code that makes up the Tornado Cash…
- Study: Insider trading occurs in 10% to 25% of cryptocurrency listingsCointelegraph.com News - 11 hours agoThe study found abnormal levels of return in a sample of tokens just before their listing announcement on Coinbase. According to a recent study conducted…
- Another crypto CEO steps down as Genesis Trading restructures leadershipCointelegraph.com News - 12 hours agoIgnite CEO Peng Zhong, MicroStrategy CEO Michael Saylor, and now Genesis Trading CEO Michael Moro — top executives have departed crypto firms or stepped into…