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Deployments · Paxos tokenisation platform · platform by Paxos

Pax Dollar (USDP)Updated 7 Nov 2026

Paxos Trust Company's own dollar stablecoin, launched as Paxos Standard (PAX) in September 2018 under New York DFS supervision and renamed Pax Dollar (USDP) in 2021. Reserves are held in cash and cash equivalents. It has been eclipsed by the coins Paxos issues for partners (PYUSD, USDG) and only about $25 million was outstanding in October 2026, almost all on Ethereum.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (limited) since Sep 2018[2] — Still issued and redeemable, but supply has shrunk to tens of millions of dollars. · Reviewed 25d ago

Assets
Stablecoin[1]
US dollar stablecoin backed by cash and cash equivalents
Networks
Ethereum Public, permissionless[3]
Solana Public, permissionless[3]
Use cases
Primary issuance[3]
Jurisdictions
United States, New York

Participants

  • PaxosPlatform provider, Issuer, Operator[1]United States
  • KPMGAuditor or reserve attestor[4]United States
  • WithumAuditor or reserve attestor[4]United States
  • ChainalysisTechnology provider[5]United States

Likely relevant regulation

Assets

Metrics

  • ~$25.08mTokens in circulation · as of 11 Oct 2026[3]
    On-chain via DefiLlama; sum of its per-chain balances.
  • ~$22.5mSupply on chain (daily) · as of 7 Nov 2026[6]
    Automated daily reading of on-chain supply across all chains.
  • ~$20.39mSupply on chain (daily) · as of 7 Nov 2026 · on Ethereum[6]
    Automated daily reading.
  • ~$1.69mSupply on chain (daily) · as of 7 Nov 2026 · on Solana[6]
    Automated daily reading.

Timeline

  1. Happened 11 Oct 2026 · Status change · recorded 11 Oct 2026
    Supply has fallen to about $25 million; recorded as live (limited).[3]
  2. Happened Aug 2021 (month only) · Announcement · recorded 11 Oct 2026
    Paxos Standard (PAX) is renamed Pax Dollar (USDP).[1]
  3. Happened Sep 2018 (month only) · Launch · recorded 11 Oct 2026
    Paxos launches its NYDFS-regulated Paxos Standard stablecoin on the same day as the Gemini Dollar.[2]

Sources

  1. [1]Paxos Standard (PAX) is now Pax Dollar (USDP) — Paxos, Aug 2021. Accessed 11 Oct 2026.B
  2. [2]What is Gemini Dollar (GUSD)? — CoinDesk. Accessed 11 Oct 2026.C
  3. [3]USDP stablecoin data (API) — DefiLlama, 11 Oct 2026. Accessed 11 Oct 2026.A
  4. [4]Paxos | Pax Dollar (USDP) Transparency Reports — Paxos. Accessed 28 Oct 2026. Names the attestation examiners; report PDFs load by script..B
  5. [5]USDP-White-Paper - Paxos — Paxos, 24 Aug 2021. Accessed 6 Nov 2026.B
  6. [6]Supply by chain, read daily — DefiLlama (automated daily refresh). Accessed 7 Nov 2026.A

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