Stablecoins & Markets
Kim Min-jun
Coverage focuses on reserves, redemption and the flow of money through digital-asset markets.
View articlesUSDP (Paxos)
Pax Dollar (USDP) is a US dollar-backed stablecoin issued by Paxos Trust Company, N.A., launched on September 10, 2018 (as Paxos Standard). Regulation: issued by Paxos Trust Company, N.A. under an OCC national trust charter (converted from a New York trust charter on December 12, 2025). It is not on ESMA’s list of e-money tokens authorized under MiCA.
- Ticker
- USDP
- Issuer
- Paxos Trust Company, N.A.
- Pegged to
- US dollar
- Type
- Fiat-backed
- Launched
- September 10, 2018 (as Paxos Standard)
- E-money token under MiCA
- No
- Accounting firm or verifier
- KPMG LLP
- Latest reserve report
- August 2026
- Transparency page
- paxos.com
- Checked on
Paxos states the reserves are held entirely in cash and cash equivalents, in segregated, bankruptcy-remote accounts. Reserve reporting: monthly attestation. Accounting firm or verifier: KPMG LLP. The latest report covers August 2026.
Paxos says customer funds are always available for 1:1 redemption. It does not publish a separate minimum or fee for USDP. The issuer lists 2 networks where the token is issued natively: Ethereum and Solana.
- Token name
- Pax Dollar
- Brand
- Paxos
- Regulation
- Issued by Paxos Trust Company, N.A. under an OCC national trust charter (converted from a New York trust charter on December 12, 2025)
- Reserves
- Paxos states the reserves are held entirely in cash and cash equivalents, in segregated, bankruptcy-remote accounts.
- Reserve reporting
- Monthly attestation
- Latest report
- paxos.com
- Redemption
- Paxos says customer funds are always available for 1:1 redemption. It does not publish a separate minimum or fee for USDP.
- Networks (native issuance)
- Ethereum, Solana
- Number of networks
- 2
- Website
- paxos.com
- Sources
Page URL Paxos USDP transparency https://www.paxos.com/usdp-transparency Paxos USDP page https://www.paxos.com/usdp Paxos newsroom: Paxos launches Paxos Standard (10 Sep 2018) https://www.paxos.com/newsroom/paxos-launches-new-stablecoin-paxos-standard-pax Paxos blog: PAX is now Pax Dollar (USDP), 24 Aug 2021 https://www.paxos.com/blog/the-digital-dollar-that-always-equals-a-dollar-paxos-standard-pax-is-now-pax-dollar-usdp Paxos: OCC approves conversion (update: converted 12 Dec 2025) https://www.paxos.com/newsroom/occ-approves-paxos-application-to-convert-to-occ-trust-paxos-to-complete-conversion-imminently-to-become-a-federally-regulated-blockchain-infrastructure-provider OCC conditional approval letter, Paxos conversion (Charter 25379) https://www.occ.gov/news-issuances/news-releases/2025/nr-occ-2025-125e.pdf ESMA interim MiCA register: e-money token issuers https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv
