{"id":48218,"date":"2021-08-24T17:00:21","date_gmt":"2021-08-24T14:00:21","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=48218"},"modified":"2025-09-02T01:11:31","modified_gmt":"2025-09-01T22:11:31","slug":"paxos-renames-paxos-standard-stablecoin-to-pax-dollar","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/paxos-renames-paxos-standard-stablecoin-to-pax-dollar\/","title":{"rendered":"Paxos renames Paxos Standard stablecoin to Pax Dollar"},"content":{"rendered":"<p>The company behind Paxos Standard (PAX), Paxos, renamed the stablecoin to Pax Dollar (USDP) to make it easier to identify with the U.S. dollar that underpins it.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ We\u2019re excited to announce that Paxos Standard (PAX) will now be known as Pax Dollar (USDP). <a href=\"https:\/\/twitter.com\/hashtag\/PaxDollar?src=hash&#038;ref_src=twsrc%5Etfw\">#PaxDollar<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/USDP?src=hash&#038;ref_src=twsrc%5Etfw\">#USDP<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/digitaldollar?src=hash&#038;ref_src=twsrc%5Etfw\">#digitaldollar<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/stablecoins?src=hash&#038;ref_src=twsrc%5Etfw\">#stablecoins<\/a> <a href=\"https:\/\/t.co\/oMtxEZSzx9\">https:\/\/t.co\/oMtxEZSzx9<\/a><\/p>\n<p>\u2014 Paxos (@PaxosGlobal) <a href=\"https:\/\/twitter.com\/PaxosGlobal\/status\/1430140841839009797?ref_src=twsrc%5Etfw\">August 24, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Paxos says it intends to sharpen the stablecoin&#8217;s positioning amid strong demand from users and businesses worldwide.<\/p>\n<p>In the press release the company noted that every issued USDP is 100% backed by U.S. dollars and their equivalents. Paxos reaffirmed its commitment to regulatory compliance and transparency.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"512\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-527.png\" alt=\"Paxos \u043f\u0435\u0440\u0435\u0438\u043c\u0435\u043d\u043e\u0432\u0430\u043b\u0430 \u0441\u0442\u0435\u0439\u0431\u043b\u043a\u043e\u0438\u043d Paxos Standard \u0432 Pax Dollar\" class=\"wp-image-146724\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-527.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/1-527-300x150.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/1-527-768x384.png 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Paxos.<\/figcaption><\/figure>\n<p>Paxos&#8217; general counsel Dan Burstein <a href=\"https:\/\/u1f987.com\/en\/news\/paxos-reveals-backing-for-pax-and-busd-stablecoins\">stated<\/a> that there are only three regulated stablecoins backed by the U.S. dollar on the market: Paxos Standard (PAX), Binance Dollar (BUSD) and Gemini Dollar (GUSD). The issuers of the first two are Paxos Trust Company.<\/p>\n<p>The company holds a conditional license <a href=\"https:\/\/u1f987.com\/en\/news\/paxos-secures-conditional-national-bank-license\">national trust bank<\/a> and plans to obtain a license <a href=\"https:\/\/u1f987.com\/en\/news\/paxos-to-apply-for-clearing-agency-licence\">clearing agency<\/a>. The BUSD stablecoin, issued for the Binance cryptocurrency exchange, has been approved by the New York State Department of Financial Services.<\/p>\n<p>Earlier Circle disclosed information about the backing of its stablecoin. Cash and cash equivalents <a href=\"https:\/\/u1f987.com\/en\/news\/circle-discloses-details-of-usdc-reserves\">formed 61% of the USD Coin (USDC) reserves<\/a>, the remaining coins are backed by bonds and other high-liquidity assets.<\/p>\n<p>In August, the issuer of USDC, Centre Consortium <a href=\"https:\/\/u1f987.com\/en\/news\/usdc-issuer-to-shift-reserves-into-cash-and-u-s-treasuries\">announced<\/a> its intention to move the token&#8217;s reserves into dollars and U.S. Treasury bills.<\/p>\n<p>The issuer of the stablecoin Tether (USDT), in its July report, noted that the share of cash and bank deposits that can be withdrawn in two days or less <a href=\"https:\/\/u1f987.com\/en\/news\/report-nearly-50-of-usdt-backing-by-tether-consists-of-commercial-paper\">stood at around 10%<\/a>.<\/p>\n<p>Subscribe to ForkLog on YouTube: <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener\"> YouTube<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company behind Paxos Standard (PAX), Paxos, renamed the stablecoin to Pax Dollar (USDP) to make it easier to identify with the U.S. dollar that underpins it.<\/p>\n","protected":false},"author":1,"featured_media":48219,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1625,1504,807],"class_list":["post-48218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance-usd-busd","tag-paxos","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"43","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/48218","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=48218"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/48218\/revisions"}],"predecessor-version":[{"id":48220,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/48218\/revisions\/48220"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/48219"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=48218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=48218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=48218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}