In Brief:
- The Company “Paxos standard” will now be known as “Pax Dollar.”
- The updated USDP smart contract going live on August 31, 2021.
US based blockchain infrastructure platform Paxos said that it is renaming its stablecoin from Paxos Standard (PAX) to Pax Dollar (USDP).
According to the Paxos head of Strategy, Walter Hessert said: “The USDP ticker more easily identifies Pax Dollar as a US dollar-backed token.”
USDP is regulated and redeemable 1 to 1 for the U.S dollar. USDP reserves are held 100% in cash and cash equivalent, and USDP is a dollar, according to the blog. The updated USDP smart contract is going live on August 31, 2021.
The use cases of stablecoin quickly expanded, the demand for a regulated USD token has grown high. Companies and consumers globally are entering crypto markets and need a safe, dollar-based stablecoin.
Paxos highlights in the post that “we’re at the beginning of an open, digital economy accessible to all with a smartphone/internet connection.” The adoption of USDP drives efficiency and instantaneous transactions.
Also Read: Paxos Takes Swipe at Circle and Tether
The company also lauded in the post and said most of humanity can easily access the internet today. We cannot say it is a financial system; it’s another part. It continues that billions of people are not having access to dollars- the world reserve currency. Additionally, more than 1.7 billion adults around the world don’t have bank accounts.
USDP plays a pivotal role in changing that and making regulated digital dollars ubiquitous. It will also be the safest and easiest way for the unbanked to participate in the digital economy.
