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How to buy Pax Dollar (USDP) in the US
A beginner's guide to buying and selling USDP in the US.
How to buy Pax Dollar
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Pax Dollar.
- Open an account on an exchange that supports USDP.
Jump to our table to compare popular options — just remember that most exchanges require an email address, phone number and proof of ID to register.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Pax Dollar.
- Buy Pax Dollar.
Complete your Pax Dollar purchase and then find the best wallet to store USDP.
What is Pax Dollar?
Paxos Standard is a stablecoin, meaning its market value is pegged to the US dollar. It allows any user to exchange US dollars for the Paxos Standard Tokens. It aims to stabilise the dollar with blockchain technology. Paxos is regulated as a trust company by the New York State Department of Financial Services. According to the white paper, PAX is a token that is backed one-to-one by US dollar deposits.Once PAX tokens are redeemed for US dollars they are instantly removed from the supply, meaning the supply of PAX tokens directly correlates with US dollars held by Paxos.
Pax Dollar (USDP) is the 111th largest cryptocurrency in the world by market cap, valued at $935,742,121. The current price of Pax Dollar is $0.997096, which is -0.005% lower than yesterday. Prices have ranged between $1.01 and $0.994013 over the past 24 hours. All prices are listed in US dollars and accurate as of October 20, 2021 09:10 UTC.
Where to buy Pax Dollar
Find an exchange to buy, sell and trade USDP by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
Pax Dollar at a glance
|Total USDP supply||938,467,855|
|All time high||US$15.36|
|Notable team members||Charles Cascarilla, Rich Teo|
|Partnerships||PayPal (partnership with Paxos)|
Pax Dollar price performance over time
How to sell Pax Dollar
You can cash out your USDP with the same exchange you bought it through:
- Sign in to the exchange you have USDP on.
If you store your Pax Dollar in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of USDP you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Pax Dollar.
What to consider when buying Pax DollarBefore investing in a stablecoin like PAX, here are some of the key features to consider:
- Market value. It’s important to remember that as a stablecoin, the value of PAX is determined by the price of US dollars. In other words, 1 PAX token equals $US1. So it’s different from investing in something like Bitcoin which has its own market value which is not tied to the fiat currency.
- Sending or receiving PAX. PAX is useful because it can offer the stability of a fiat currency but has the utility and immediacy of digital assets. Holders can send or receive PAX tokens as long as they have an Ethereum wallet, and the transactions follow the rules of a smart contract - eliminating the potential for a human error.
- Use cases. According to the white paper PAX is designed so it can be used as a means of payment for other blockchain-based assets or to store value to hedge against asset volatility. It is also envisaged that PAX is used to settle assets with fiat currency 24/7 when banks are closed.
- Regulation. Unlike many other cryptocurrencies, PAX is government-regulated by the New York State Department of Financial Services and is regularly audited.
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Disclaimer: Cryptocurrencies, including Pax Dollar, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of USDP is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Pax Dollar or any other cryptocurrency discussed.
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