Buy Pax Dollar (USDP)
What is Pax Dollar?
Pax Dollar (USDP) is a fiat-collateralised stablecoin pegged to the US Dollar, issued by Paxos Trust Company, a regulated financial institution. It combines the trust and stability of fiat currency with the utility and immediacy of digital assets.
How does Pax Dollar work?
Pax Dollar operates on the Ethereum blockchain as an ERC-20 token, leveraging smart contracts for secure and transparent transactions. It's 1:1 backed by US Dollars held in reserve, ensuring the number of tokens in circulation mirrors these reserves. The token's issuance and redemption processes are automated through Ethereum smart contracts, providing security and reducing manual errors.
What are the potential use cases for Pax Dollar?
Pax Dollar can be used in various scenarios including:
- Trading and Investing: Offers stability in volatile markets and can be traded on exchanges.
- Purchasing Goods and Services: Enables payments without traditional intermediaries.
- Sending Money: Allows for fast and secure international transfers.
- Hedging Against Volatility: Acts as a stable asset to avoid cryptocurrency price fluctuations.
What is the history of Pax Dollar?
Pax Dollar was launched in September 2018 as Paxos Standard (PAX) and rebranded to Pax Dollar (USDP) in August 2021. It was developed by Paxos, which was the first company to receive a charter from the New York State Department of Financial Services for virtual currency activities. Since its launch, it has established partnerships with financial institutions and maintained robust regulatory compliance to ensure security and trustworthiness.
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The information presented in this comparison table is for educational purposes only and is not an investment recommendation for your personal circumstances. Past performance is not an indicator of future performance.
The data points in this table are sourced as follows: ASX200 from Google’s ASX200 index price, Gold from ABC Bullion’s website (abc bullion.com.au), and BTC from CoinGecko (coingecko.com.au). All data is recorded at 10 am AEST on the first day of each calendar month.
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Frequently Asked Questions (FAQs)
What is the current price of Pax Dollar (USDP)?
The Pax Dollar price is $1.6169 AUD, representing a -0.01% from the day prior.
Where is the best place to buy Pax Dollar (USDP) in Australia?
The best place to buy Pax Dollar (USDP) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Pax Dollar (USDP) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Pax Dollar (USDP)?
The trading volume of Pax Dollar (USDP) is $11.5M AUD in the last 24hrs, representing a -0.01% from the day prior.
How can I buy Pax Dollar (USDP)?
Pax Dollar (USDP) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Pax Dollar (USDP)?
The current market cap of Pax Dollar (USDP) is $150.6M AUD.
Can I convert Pax Dollar (USDP) to cash?
Yes - With Coinstash you can convert your Pax Dollar (USDP) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Pax Dollar (USDP) are there?
The current circulating supply of Pax Dollar (USDP) is 93.6M.
Is Coinstash a safe place to buy Pax Dollar (USDP) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Pax Dollar (USDP) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.