Pax Dollar

Chartered by the New York State Department of Financial Services, Paxos Trust Company launched this dollar token in 2018 as Paxos Standard, renaming it Pax Dollar in 2021. Each USDP is backed one-for-one by cash and short-dated US Treasury bills held in segregated, bankruptcy-remote accounts, with monthly attestations from an outside accounting firm. Direct minting and redemption at par run through Paxos for approved institutional partners; ordinary holders generally buy and sell on the open market rather than at the issuer's window. Paxos is the same regulated platform that once issued Binance's BUSD until New York ordered that token wound down in 2023, and it now white-labels several branded dollars. USDP lives mainly on Ethereum with a thin bridged presence elsewhere, a smaller and more conservative sibling to the giants it competes against.