Pax Dollar

Pax Dollar (USDP) is a fiat-backed stablecoin issued by Paxos, a New York-chartered limited purpose trust company, designed to maintain a value of one US dollar at all times. Its purpose is to give users a digital representation of the dollar that can move across blockchain networks at settlement speeds faster than traditional banking. It is aimed at individuals and institutions who want to transact or store value in dollar terms without holding a volatile crypto asset.

Each USDP token is intended to be backed one-for-one by US dollar reserves held by Paxos in its capacity as a regulated trust company, meaning the token is created when dollars are deposited and redeemed when dollars are withdrawn. The token exists on both the Ethereum and Solana blockchains, allowing it to be transferred on whichever network a user prefers. Because USDP is a fiat-backed token rather than a proof-of-work or proof-of-stake chain in its own right, it inherits the consensus and settlement properties of whatever host blockchain carries it.

The data provided does not include a fee stream or revenue figure for USDP, which is consistent with how fiat-backed stablecoins typically operate — Paxos generates revenue through its broader business rather than through on-chain protocol fees collected from token transfers. As a result, the fee-based metrics that this site calculates for many other assets are not applicable here. The circulating stablecoin supply stands at approximately 29,154,240 dollars at the point-in-time measurement, and that supply has contracted by roughly 8.72 percent over the prior 30 days, which reflects redemptions outnumbering issuances during that period.