Pax Dollar (USDP) is a fiat-backed US dollar stablecoin issued by Paxos Trust Company. It has about $26.0M in circulation, ranking #99 among the stablecoins CoinScoop tracks, and runs on 3 blockchains.
USDP price
$0.9962
On peg Circulating supply
$26.0M
30-day change
-10.6%
Price
$0.9962
Blockchains
3
Tracked since
Sep 2018
What is USDP?
Pax Dollar (USDP) is a fiat-backed US dollar stablecoin issued by Paxos Trust Company. It has about $26.0M in circulation, ranking #99 among the stablecoins CoinScoop tracks, and runs on 3 blockchains.
Issued under a New York DFS trust charter.
In the issuer's words: USDP is a regulated stablecoin by Paxos that is redeemable one-to-one for US Dollars.
USDP supply history
$63.1M$25.0M
Oct 8, 2025Oct 8, 2026
$1.26B$0
Sep 11, 2018Oct 8, 2026
USDP supply fell 10.6% over the past 30 days, to $26.0M. Its peak was $1.43B in May 2021, and supply is 98% below that high.
Is USDP holding its peg?
Last price
$0.9962
Target
1.0000 USD
Status
On pegUSDP is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where USDP lives: supply by blockchain
Supply is concentrated: Ethereum holds 92% of all USDP. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USDP is backed
USDP is backed by US dollar deposits and US Treasuries.
Minting and redemption: Paxos customers who have undergone a verification process can exchange USD for USDP and redeem USDP for USD.
Reserve reports and audits: paxos.com
USDP risks
Issuer and custody
Your claim is on the issuer and the banks or funds holding its reserves. A failure or freeze there can break the peg, as USDC briefly did in March 2023.
Freezes and blacklists
Fiat-backed issuers can usually freeze tokens at specific addresses, for example to comply with sanctions or court orders.
Small and thinly traded
With $26.0M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Bridged versions
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Regulation
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USDP vs USDT and USDC
Similar fiat-backed stablecoins
See all →
USDP in the news
Binance sets September 11 delistings for margin and spot pairs
USDP FAQ
What is USDP?
Pax Dollar (USDP) is a fiat-backed US dollar stablecoin issued by Paxos Trust Company. It has about $26.0M in circulation, ranking #99 among the stablecoins CoinScoop tracks, and runs on 3 blockchains.
Is USDP pegged 1:1 to the US dollar?
USDP targets 1 USD. At the last update it traded at $0.9962, a deviation of -0.38%, which we classify as "on peg".
What backs USDP?
USDP is a fiat-backed stablecoin. US dollar deposits and US Treasuries.
Which blockchains is USDP on?
USDP is live on 3 blockchains. The largest by supply are Ethereum ($24.0M), Solana ($1.7M), BSC ($416K).
How much USDP is in circulation?
About $26.0M of USDP was in circulation at the last update, -10.6% over 30 days. That makes it the #99 stablecoin by supply among those we track.
Does USDP pay interest?
No. USDP does not pay yield to holders directly. Any interest earned on its reserves goes to the issuer. Some platforms offer rewards for holding it, but those are paid by the platform, not by USDP.
Is USDP safe?
No stablecoin is risk-free. As a fiat-backed design, USDP's main risks are reliance on the issuer and its banks or custodians, how transparent the reserves are, the issuer's ability to freeze tokens, and regulatory action. Its supply is small, so liquidity can be thin. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.