Pax Dollar (USDP) is a stablecoin created by Paxos, a licensed firm and financial institution that was founded by Charles Cascarilla and Rich Teo in 2012.
In September 2018, it launched Paxos Standard, which is an ERC-20 stablecoin backed by the U.S. dollar. On 24 August 2021, Paxos rebranded its Paxos Standard stablecoin as Pax Dollar with the ticker USDP.
Pegged with the US dollar, stablecoins prices don’t move that much. Pax had an all-time low of $0.863529 on May 19th, 2021, and an all-time high of $1.13 October 15th, 2018. The tidal supply of Pax is currently capped at 967 million with ranks 7th place among Stablecoins by Market Capitalization. Each token is worth 1 US dollar now.
As much as the all-time high price has been in Pax's history, it’s important to remember that Pax is a stablecoin with the main purpose to provide stability and reducing volatility. Investors who are looking for stability in their portfolios may find packs to be an option.
Powered by SWFT, now ELLIPAL users can convert their coins to any supported currency right on the ELLIPAL Mobile APP without needing to transfer to an online exchange. Converting coins on the ELLIPAL is both quick and secure.
Users can choose USDP on the Swap page, confirm transaction information and sign with cold wallets to swap USDP.