Pax Dollar (USDP): how it works, supply and reviews
In short
- Type
- US dollar stablecoin; ERC-20 token centrally minted and burned by Paxos
- Issuance
- Only Paxos-authorised supply controllers can mint and burn USDP
- Risks and caveats
- USDP is centrally issued: Paxos can pause transfers and freeze or wipe balances of individual addresses.
- Checked
- 31 October 2026
Visitor ratings: do you like Pax Dollar?
Key facts
- Ticker
- USDP
- Official site
- paxos.com/usdp
Key facts checked on 31 October 2026 against official sources.
What is Pax Dollar
Pax Dollar (USDP) is a US dollar stablecoin issued by Paxos, redeemable one-to-one for US dollars and available on Ethereum and Solana. It launched in 2018 as Paxos Standard (PAX) after New York DFS approval and was renamed Pax Dollar (USDP) in August 2021. Paxos says USDP issuance is now overseen by the OCC.
Network and consensus
| Parameter | Details |
|---|---|
| Type | US dollar stablecoin; ERC-20 token centrally minted and burned by Paxos |
| Runs on | Ethereum and Solana |
| Launched | Approved by the New York DFS on 10 September 2018 as Paxos Standard |
| Smart contracts | Upgradeable proxy contract on Ethereum; supply controlled by a separate SupplyControl contract |
Supply and issuance
| Parameter | Details |
|---|---|
| Issuance | Only Paxos-authorised supply controllers can mint and burn USDP |
What USDP is used for
- USDP is a digital US dollar for payments and holding dollars on chain, redeemable one-to-one for US dollars through Paxos.
- Paxos lets BUSD holders convert their BUSD to USDP.
Who develops and governs Pax Dollar
- Company
- Paxos Trust Company, N.A., a US national trust bank regulated by the OCC
- Legal entity
- Paxos converted its New York trust charter into a national trust charter on 12 December 2025
- Governance
- Paxos says its issuance of USDP is subject to OCC oversight
- Open source
- Smart contracts are public on GitHub
History
| Date | Event |
|---|---|
| 2015 | Paxos receives a limited-purpose trust charter, the first in the industry according to Paxos. |
| 10 September 2018 | The New York DFS authorises Paxos Trust Company to offer a US dollar stablecoin, Paxos Standard. |
| 24 August 2021 | Paxos Standard (PAX) is renamed Pax Dollar (USDP). |
| 28 February 2025 | KPMG LLP takes over USDP attestation reports from WithumSmith+Brown. |
| 12 December 2025 | Paxos converts to a national trust charter and comes under OCC supervision. |
Security and audits
- Paxos can pause USDP transfers and approvals in a critical security threat; while paused, it can still mint and burn.
- An asset protection role can freeze, unfreeze and, after freezing, wipe the USDP balance of any address so authorities can seize the backing assets.
- The original contracts were audited by Nomic Labs, ChainSecurity and Trail of Bits; the v2 implementation by Zellic and Trail of Bits.
- Paxos runs a bug bounty paying up to $1,000,000 in USDG for critical vulnerabilities.
Security incidents
Incidents are reported by third parties (press, incident databases) but are not confirmed in the company’s own channels, so none is listed here.
Official USDP contracts
| Network | Contract address |
|---|---|
| Ethereum | 0x8e870d67f660d95d5be530380d0ec0bd388289e1 |
| Solana | HVbpJAQGNpkgBaYBZQBR1t7yFdvaYVp2vCQQfKKEN4tM |
On Ethereum, interact with USDP at the proxy contract address; the address is the same as for the former PAX token.
Risks and caveats
- USDP is centrally issued: Paxos can pause transfers and freeze or wipe balances of individual addresses.
- Under the 2018 DFS approval, stablecoins used for illegal activity may be forfeited or seized by law enforcement.
- Paxos no longer proactively publishes monthly USDP reserve reports, although the USDP page still says attestations are published monthly.
Official links
- Website: www.paxos.com/usdp
- Transparency reports: www.paxos.com/usdp-transparency
- Source code: github.com/paxosglobal/usdp-contracts
- Block explorer: etherscan.io/token/0x8e870d67f660d95d5be530380d0ec0bd388289e1
- Blog: www.paxos.com/blog
Questions and answers
What happened to Paxos Standard (PAX)?
Paxos renamed Paxos Standard (PAX) to Pax Dollar (USDP) on 24 August 2021.
Who issues USDP?
Paxos. Paxos Trust Company, N.A. is a US national trust bank regulated by the OCC, and Paxos says its issuance of USDP is subject to OCC oversight.
What backs USDP?
Paxos says USDP reserves are held 100% in cash and cash equivalents and are redeemable 1:1 for US dollars.
Which blockchains is USDP on?
Ethereum and Solana.
Can Paxos freeze USDP?
Yes. The contract lets Paxos pause transfers and freeze, unfreeze and wipe the balance of individual addresses.
Sources
- Paxos - Pax Dollar (USDP)
- Paxos - USDP transparency reports
- Paxos blog - Paxos Standard (PAX) is now Pax Dollar (USDP), 24 August 2021
- Paxos blog - What is an OCC charter? (2026)
- Paxos - Regulatory record
- Paxos - Regulation and transparency
- Paxos - Security
- NYDFS press release, 10 September 2018
- GitHub - paxosglobal/usdp-contracts README
More in this section
How voting works
Votes are anonymous and carry no text. Each device has one vote per item; press the same button again to remove it. Cloudflare Turnstile checks that a person is voting. We keep a random device ID in a cookie and a salted hash of the IP address to limit abuse — no names, no accounts. Votes are visitors’ opinions, not investment advice.
Page updated: