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Paxos Standard

PAX

USD

About Paxos Standard

The Paxos Standard Token is a stablecoin running on Ethereum. For stablecoins like PAX, the company behind the protocol is responsible for holding reserves that fully back each token. The company behind PAX, Paxos Trust Company, claims to hold reserves that fully back each PAX.

Pax Dollar (USDP) is a stablecoin, a type of cryptocurrency designed to minimize price volatility. Launched in 2018 by Paxos, a regulated financial institution, Pax Dollar seeks to combine the stability of the U.S. dollar with the efficiency of blockchain technology. Each Pax Dollar token is issued as an ERC-20 token on the Ethereum blockchain and is collateralized 1:1 with the USD held in Paxos-owned U.S. bank accounts. This means that for every Pax Dollar token in circulation, there is an equivalent U.S. dollar held in reserve, providing a stable value for the token.

Pax Dollar operates on the Ethereum blockchain, following the ERC-20 protocol. This allows it to be transacted over the Ethereum blockchain in the same way as Ether or any other ERC-20 asset. If a user wants to redeem their USDP, they can send tokens to an address controlled by Paxos. Paxos will then destroy the tokens and transfer fiat currency to the user’s bank account. This process allows for the straightforward exchange of U.S. dollars for Pax Dollar tokens, providing users with the benefits of blockchain assets while minimizing price risk.

Pax Dollar seeks to improve the larger financial ecosystem by creating an efficient global network where all digital assets can be mobilized quickly, with a high level of flexibility and accessibility. It can be used as a means of exchange for other blockchain-based assets, providing a stable asset for transactions within and across asset classes. It can also be used as a hedge during times of volatility in the digital asset market, allowing investors to limit their exposure to digital asset volatility by holding assets in Pax Dollar. Furthermore, it can facilitate the settlement of assets with fiat currency outside of traditional banking hours, providing a more efficient and flexible solution for financial institutions and trading firms.

Pax Dollar was created by Charles Cascarilla and Rich Teo, co-founders of Paxos, in September 2018. Paxos, the company behind Pax Dollar, has a charter from the New York State Department of Financial Services, allowing it to offer regulated services within the crypto asset world. The token itself is backed by the USD in accounts that are held by the company at U.S. depository institutions. Since its inception, Pax Dollar has been striving to create a network where digital assets can be transferred with more flexibility.

Market

Market stats

Market cap

$136.4M

Volume (24h)

$2.5M

Circulating supply

136.4M PAX

Typical hold time

8 days

Popularity

#315

All time high

$687.00

Market performance

Price change (1h)

+0.02%

Price change (1d)

-0.09%

Price change (1w)

-0.14%

Price change (2w)

-0.08%

Price change (1m)

-0.06%

Price change (1y)

+0.1%

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Coinbase Bytes

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Paxos Standard is on the decline this week.

The price of Paxos Standard has increased by 0.02% in the last hour and decreased by 0.09% in the past 24 hours. Paxos Standard’s price has also fallen by 0.14% in the past week. The current price is $1.00 per PAX with a 24-hour trading volume of $2.48M. Currently, Paxos Standard is valued at 99.85% below its all time high of $687.00. This all-time high was the highest price paid for Paxos Standard since its launch.

The current circulating supply of Paxos Standard is 136,400,339.791 PAX which means that Paxos Standard has as total market cap of 136,400,339.791.

FAQ

What is the current price of Paxos Standard?

We update our Paxos Standard to USD currency in real-time. Get the live price of Paxos Standard on Coinbase.

What is the market cap of Paxos Standard?

The current market cap of Paxos Standard is $136.42M. A high market cap implies that the asset is highly valued by the market.

What is the all time high of Paxos Standard?

The all-time high of Paxos Standard is $687.00. This all-time high is highest price paid for Paxos Standard since it was launched.

What is the 24 hour trading volume of Paxos Standard?

Over the last 24 hours, the trading volume of Paxos Standard is $2.48M.

What other assets are similar to Paxos Standard?

Assets that have a similar market cap to Paxos Standard include Fusionist, Art de Finance, WAX, and many others. To see a full list, see our comparable market cap assets.

How many Paxos Standard are there?

The current circulating supply of Paxos Standard is 136 million.

What is the typical holding time of Paxos Standard?

The median time that Coinbase customers hold Paxos Standard before selling it or sending it to another account or address is 8 days.

What is the relative popularity of Paxos Standard?

Paxos Standard ranks 250 among tradable assets on Coinbase. Popularity is currently based on relative market cap.

What is the current trading activity of Paxos Standard?

Currently, 80% of Coinbase users are buying Paxos Standard. In other words, 80% of Coinbase customers have increased their net position in Paxos Standard over the past 24 hours through trading.

Can I buy Paxos Standard on Coinbase?

Yes, Paxos Standard is currently available on Coinbase’s centralized exchange. For more detailed instructions, check out our helpful how to buy Paxos Standard guide.