What is the current price of Pax Dollar?
The current price of Pax Dollar is $0.9962 with a 0.51% change in the last 24 hours.
Supply and ATH/ATL data provided by CoinGecko
Hyperliquid perpetuals only. One snapshot every 5 minutes, up to 20 returned price levels per side. Liquidity beyond those levels is unknown. This is not a liquidation heatmap or a fill estimate.
Loading recorded snapshots…
Prices and notionals are USD-equivalent venue units, with USDC collateral. No currency conversion is applied. Notional = venue price × base-asset size. Contract specifications
Derivatives and mapped ecosystem data, with source timings and coverage.
Pax Dollar is a US dollar stablecoin issued by Paxos, a regulated trust company. Each USDP token is a claim on one US dollar held in reserve, and Paxos states that USDP "is always fully redeemable from Paxos on a one-to-one basis for US dollars." It is a fiat-backed stablecoin rather than an algorithmic or crypto-collateralized one: the peg comes from a real balance sheet and a redemption promise, not from a trading mechanism.
Because USDP is minted when a customer deposits dollars and burned when they redeem, there is no fixed maximum supply. The number of tokens in existence tracks demand, and every token is meant to be matched one-for-one by reserve assets held by the issuer.
The token launched in September 2018 as Paxos Standard, ticker PAX, which is why the identifier paxos-standard still appears in many systems. Paxos announced the rename to Pax Dollar in August 2021 and the updated contract name went live on 31 August 2021. Only the name and ticker changed. The Ethereum contract address stayed the same, and a live on-chain read of 0x8E870D67F660D95d5be530380D0eC0bd388289E1 returns the name "Pax Dollar", the symbol "USDP" and 18 decimals.
Official sources:
Paxos was founded in 2012 by Charles Cascarilla and Rich Teo, initially around the itBit exchange. In 2015 the company was granted a limited purpose trust charter by the New York State Department of Financial Services, the first such approval for a blockchain and tokenization company, and renamed itself Paxos Trust Company. In September 2018 it used that charter to issue Paxos Standard, one of the first stablecoins launched under an explicit US regulatory approval.
Paxos went on to issue tokens for other companies as well as its own: PAX Gold (PAXG), a gold-backed token; Binance USD (BUSD), which NYDFS directed Paxos to stop minting in February 2023; PayPal USD (PYUSD); and Global Dollar (USDG), issued from Paxos entities outside the United States.
The most consequential recent change is regulatory rather than technical. On 12 December 2025 Paxos completed the conversion of its NYDFS limited purpose trust charter into a national trust charter supervised by the US Office of the Comptroller of the Currency, and now operates as Paxos Trust Company, N.A. Its USDP page describes the product as being under OCC oversight, and Paxos has said its US-issued stablecoins will align with the federal GENIUS Act framework. Older write-ups that describe USDP purely as an NYDFS-regulated token predate that conversion.
USDP is deliberately simple, which is the point of a fiat-backed stablecoin:
Minting An approved customer, typically an institution with a Paxos account that has passed compliance checks, sends US dollars to Paxos. Paxos credits the reserve and mints an equivalent amount of USDP to the customer's blockchain address.
Circulation Once minted, USDP moves like any other token on its host chain. Transfers do not involve Paxos, and secondary trading sets a market price that normally tracks one dollar closely because arbitrage against redemption keeps it anchored.
Redemption The holder returns USDP to Paxos through their account. Paxos burns the tokens and pays out US dollars one-for-one. This redemption path is the actual peg mechanism, and it is open to Paxos account holders rather than to anyone holding the token on-chain, which is normal for regulated fiat stablecoins.
Reserve management Paxos states that USDP reserves are held entirely in cash and cash equivalents, and that client assets sit in segregated, bankruptcy-remote accounts so that in an insolvency they would not be used to satisfy the debts of Paxos.
0x8E870D67F660D95d5be530380D0eC0bd388289E1, the original and primary deploymentHVbpJAQGNpkgBaYBZQBR1t7yFdvaYVp2vCQQfKKEN4tM. A live account read shows a Token-2022 mint named "Pax Dollar" with symbol "USDP", 6 decimals, and metadata served from a Paxos-controlled URLUSDP is a settlement and payment instrument rather than a governance or fee token. It is commonly used for:
USDP does not pay interest to holders. Any yield earned on reserve assets accrues to the issuer, which is standard for this category and is an explicit requirement in some regulatory frameworks.
Two things set USDP apart. The first is its regulatory lineage: it was among the first stablecoins issued under an explicit state trust charter, and since December 2025 its issuer has been supervised by a federal banking regulator. The second is reserve policy. Paxos states USDP is backed entirely by cash and cash equivalents, a narrower and more conservative mandate than stablecoins that also hold longer-duration instruments.
The trade-off is reach. USDP has remained a smaller, more institutionally oriented token than the largest dollar stablecoins, and Paxos's current mint-and-redeem materials center on USDG and PYUSD. USDP is best understood as the house-branded Paxos dollar, still supported and redeemable, rather than the company's main commercial push.
Against USDC, USDP is similar in spirit but much smaller, with a narrower reserve mandate and a different regulator. Against USDT, the difference is disclosure and jurisdiction: Paxos operates under a US charter and publishes third-party examinations of USDP reserves. Against decentralized stablecoins such as DAI, the contrast is structural. DAI is backed by on-chain collateral and governed by a protocol, while USDP is backed by off-chain reserves held by a licensed institution, so it carries counterparty and regulatory risk instead of smart contract collateral risk.
Against PYUSD and USDG, USDP is closest of all, since Paxos entities issue those too. The practical differences are branding, distribution partner and issuing jurisdiction rather than mechanism.
Security here has three layers, and only one of them is cryptographic.
The contract layer is a standard, audited ERC-20 on Ethereum and a Token-2022 mint on Solana. Both include administrative capabilities. The Solana mint carries a freeze authority, a permanent delegate and a mint close authority under a Paxos-controlled address, which lets the issuer freeze or claw back tokens when legally required. That is intentional in a regulated stablecoin, but it does mean the token is not censorship resistant.
The reserve layer is where the real backing lives: cash and cash equivalents in segregated, bankruptcy-remote accounts.
The verification layer is attestation. Paxos publishes attestation reports for USDP going back to 2018. Reports posted on or after 28 February 2025 are issued by KPMG LLP under attestation standards set by the American Institute of Certified Public Accountants; earlier reports came from WithumSmith+Brown, PC. Note that Paxos's own transparency page states it no longer proactively provides monthly reserve reports for USDP, so check the current cadence and the latest report rather than assuming a fixed monthly schedule.
Pax Dollar was one of the first attempts to answer the question that still dominates stablecoin policy: can a dollar token be issued under real financial supervision rather than around it? Its history maps closely onto the regulatory story of the sector, from the 2018 NYDFS trust charter, through the 2023 BUSD wind-down, to the 2025 federal charter conversion. Even at a modest size, it remains a useful reference for what a conservatively reserved, supervised dollar token looks like in practice.
USDP is available on centralized exchanges, decentralized exchanges, and directly from Paxos for customers with an eligible account. Availability and pairs vary by jurisdiction, and for a stablecoin the more important question is usually which redemption or off-ramp route you will actually use.
USDP is commonly available on international exchanges such as:
Institutions can also mint and redeem directly through Paxos.
USDP can be held:
Always confirm which chain you are sending on. Ethereum USDP and Solana USDP are separate deployments, and sending to the wrong network can result in permanent loss.
You can compare USDP with related stablecoins on Coinrithm:
Track Pax Dollar live price, chart, market cap, and volume in real time. Practice mock trading and demo trading for Pax Dollar on CoinRithm before using real money.
Use a crypto paper trading account to demo trade Pax Dollar with real-time prices, AI trade feedback, and trading leagues. Test strategies, learn risk management, and build confidence before trading Pax Dollar with real money.
Read the complete paper trading guideThe current price of Pax Dollar is $0.9962 with a 0.51% change in the last 24 hours.
The daily trading volume is $774.75 representing a 48.73% change in the past 24 hours.
The market capitalization of Pax Dollar is $23,409,206, ranking #492 globally.
The fully diluted valuation (FDV) of Pax Dollar is $23,409,206, calculated assuming the total supply of 23,498,501 USDP is in circulation.
Circulating: 23,498,501. Total: 23,498,501. Max: N/A.
In the last 24 hours, Pax Dollar traded between a low of $0.9962 and a high of $1.00.
USDP/USDTTether USDT0.9962 USDT
Binance will end USDP spot trading on Sept. 24, stop deposits Sept. 25 and close withdrawals Nov. 24 under a phased delisting.
The payment software company has integrated stablecoin settlement into its existing payments stack, combining USDG, USDP and USDC with traditional rails.
