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Binance USD (BUSD) is the 8th largest cryptocurrency in the world by market cap, valued at $16,273,453,268. The current price of Binance USD is $0.999895, which is -0.076% lower than yesterday. Prices have ranged between $1.009 and $0.994789 over the past 24 hours. All prices are listed in US dollars and accurate as of February 04, 2023 06:02 UTC.
Launched in 2018 by the Paxos Trust Company, the Pax Dollar, or USDP, is a US dollar stablecoin. The token was developed to provide a place for users to store funds away from the high volatility of the cryptocurrency markets.
Originally called the Paxos standard, with a ticker symbol - PAX, Paxos decided to rebrand the name of the token to the Pax Dollar (USDP) in 2021.
According to Paxos’ website, each USDP can be redeemed for 1 US dollar at any time. The aim of the project is to hold the ratio between USDP and USD as close to 1:1 as possible. This is achieved through Paxos’ physical reserves. It is the responsibility of the Paxos Trust Company to ensure that all circulating USDP tokens are backed by physical US dollars. As new USDP is minted, more reserves are added to Paxos’ reserves. As USDP is removed from circulation, reserves are removed from Paxos’s reserves. Thanks to being pegged to a fiat currency, the Pax Dollar can facilitate everyday monetary transactions while offering minimal price swings or other volatility induced risks. The token was developed using the Ethereum blockchain and was, therefore, created using the ERC-20 token standard. All transactions completed with USDP require a small gas fee payment made in ETH.
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