Paxos Standard Token (USDP) is one of the top 125 most popular cryptocurrencies currently. In terms of market cap, it is currently the 113th largest digital currency (over US$946.58 million in market capitalizations). Should you invest in it? Is it a good investment? To answer all your queries, let me walk you through the Paxos Standard token, how it works, and many more.
In August 2021, Paxos Standard (PAX) has been transformed to Pax Dollar (USDP), a regulated US dollar-backed token or stablecoin. As per Paxos.com:
“USDP is regulated and redeemable one-to-one for US dollars. USDP reserves are held 100% in cash and cash equivalents. We’ve outlined our commitment to regulation and transparency in our stablecoin operations. This name makes it obvious to anyone – USDP is a dollar. And Paxos is committed to ensuring USDP always equals a dollar.”
This flat-collateralized stablecoin was founded in September 2018 by Charles Cascarilla and Rich Teo. The stablecoins like USDP are cryptos that have basically been designed to minimize price volatility by pegging it to certain stable assets or a basket of assets such as US Dollar (USD) in this case.
Pax Dollar offers you the benefit of making transactions with blockchain assets at minimized price risk. The USDP tokens are issued on the Ethereum blockchain as ERC-20 tokens and, in turn, they are collateralized 1:1 via the US Dollar that is held in US bank accounts and depositories owned by Paxos.
The Paxos company has a charter from the New York State Department of Financial Services, allowing the company to provide regulated services within the world of cryptocurrency assets.
All these facts and figures (as of November 24, 2021) will help you to make a decision on investing in Paxos Standard USDP coins. Before making Paxos Standard transactions, check out these facts and figures associated with this cryptocurrency of choice:
These are the facts that made the Paxos Standard Token a preferred medium of exchange. Always check out market data and technical analysis before trading or investing. Also, consult crypto financial advisors and get tips from them on trending coins and how to earn crypto easily.
You can transact Pax Dollar (USDP), earlier called Paxos Standard token (PAX), over the Ethereum blockchain in the same manner as Ether or any other ERC20 token. If you want to redeem USDP tokens, you can send tokens to a Paxos-controlled address that’ll destroy them and in return transfer fiat currency to the bank account of the user.
As a public blockchain exists, it allows both traders and exchanges to use USDP stablecoin tokens as a fiat currency alternative. Therefore, USDP coin can help both crypto exchanges and traders to outsource their banking requirements to Paxos. This is yet another reason why Paxos can be integrated with Ethereum-based apps easily.
In case, there is any security threat, transfer and approval of the USDP token can be paused by Paxos. This has been possible because the Paxos Standard model follows OpenZeppelin’s Pausable. A single-owner role controls the pause functionality. OpenZeppelin contracts use tested libraries of Ethereum and other blockchains’ smart contracts for minimizing risks.
Paxos is able to transfer assets and monies legally, thanks to the fact that it has a regulated trust. When the permission is combined with blockchain technology, the transactions on the Paxos network are done with no risk, securely, and rapidly.
You can buy Paxos Standard Tokens in almost all top exchanges including:
You can use credit cards, debit cards, or money transfers from a bank account to fund your cryptocurrency trading or investing account in a leading cryptocurrency exchange.
The most popular Paxos Standard Token price pairs of Paxos Standard are:
Before investing, check out historical data of token Paxos Standard Token, fundamental analysis, crypto news, Paxos Standard Token price charts, price performance, market updates, Paxos Standard PAX to USD (United States Dollar) exchange rate, Paxos Standard price history, Paxos Standard speed, Paxos Standard price prediction and price forecast, and others.
The best Paxos Standard Token wallets to store Paxos Standard Tokens are:
You can buy and sell Paxos Standard Token and other virtual currencies (including Cardano price) against various fiat currencies (US Dollar USD, British Pound Sterling, Canadian Dollar CAD, South Korean WON, Singapore Dollar, Taiwan Dollar, Russian Ruble, Chinese Yuan, Hong Kong Dollar, etc.) through a wide array of crypto exchanges (centralized or decentralized exchanges), crypto APIs or mobile app, and Paxos Standard Token markets. Use Dollar Cost Averaging DCA strategy to invest in cryptos to minimize the risks associated with high volatility.
If you want to increase your investment explosively in the coming 5-to-10 years, buy crypto coins now. Keep an eye on the market news, price statistics, block times, blockchain news, and others to time your trading of Defi protocols and tokens for maximum profit.
You can also diversify your crypto coin portfolio by including other digital assets such as USDP, XMR, FIL, ETC, WBTC, BCH, BTC, AAVE, Ripple XRP, Bitcoin Ether ETH, Bitcoin Gold (also called Bit Gold), Bitcoin Cash BCH, Basic Attention Token, Ethereum Classic, Shiba Inu SHIB, Binance Coin, Wrapped Bitcoin (some also call it wrap bitcoin or wBTC), USD Coin, Gemini Dollar, Internet Computer, ERC20 tokens (created on Ethereum blockchain), nonfungible tokens NFTs, Axie Infinity, and others.
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