Setting up these days, Blockchain.com customers will discover Paxos Normal (PAX) renamed to Pax Greenback (USDP) in the Wallet and the Trade. This follows Paxos’s decision to update the identify of the asset to reflect its unmatched 1:1 US greenback backing. You can read more right here.
USDP was the 1st stablecoin we outlined in the Blockchain.com Wallet back in May 2019, paving the path for other stablecoin listings which includes Dai (DAI), USD Coin (USDC), and Tether (USDT).
Like other USD stablecoins, it is pegged 1:1 to the US greenback and developed to reduce rate volatility.
So, what sets it apart?
Very first, it is the first digital asset issued by an institution chartered by the famously stringent New York State Division of Financial Solutions. 2nd, every single USDP token has 1:1 backing from a dollar reserve held at Federal Deposit Coverage Company (FDIC)-insured banks.