Pax Dollar--formerly known as Paxos Standard-- is a dollar-backed stablecoin going by the ticker USDP. Fundamentally, nothing changed when it moved from PAX to USDP except the name. Just like other stablecoins, USDP was made to protect crypto holders’ interests from volatility.
Due to its dollar-backed nature, USDP does not fluctuate violently like Bitcoin or Ethereum for example. No matter what happens, 1 USDP will always equal 1 USD. This has numerous advantages. Let’s look at sending money. If one wants to send BTC to someone across the world, the price will go up or down during the time it takes to get there. Depending on the market on that given day, it could move fractions of a percent in price or maybe even double digits. Stablecoins on the other hand ensure the person on the receiving end is getting the exact same value as the person who sent it.
Furthemore, stablecoins don’t require a middle man to send money. If you want to send USD to someone in the UK, you’ll have to either go through a bank, a money transfer service, or both. Unless you want to jump on a plane and hand the person a suitcase full of cash, there isn’t any way around it. With USDP through, all you and the receiver need is a cryptocurrency wallet and you can send money directly to each other without those pesky middlemen.
Lastly, there are the various CeFi and DeFi platforms that offer high yields simply for buying and holding USDP on their platforms. YouHodler is one such example. Read below to find out more on how to use USDP with us.
YouHodler aggregates prices from top centralized exchanges to provide an accurate Pax Dollar price and charts.
The easiest way to buy Pax Dollar is to purchase it through a crypto app like YouHodler. Our universal cryptocurrency exchange service lets you convert any crypto, fiat, or stablecoin with competitive fees.
The best way to earn interest on Pax Dollar is by depositing it in a YouHodler savings account. Interest payments occur weekly and YouHodler features compounding interest.
Leverage market volatility to stack your crypto portfolio and trade Pax Dollar with Multi HODL. Multi HODL is a user-friendly tool to take advantage of market swings in either direction. Become an “active HODLer” today.