# What is Pax Dollar (USDP)? Pax Dollar, or USDP, is a dollar-referenced stablecoin issued by Paxos. The terms checked on 2 October 2026 identify Paxos Trust Company, NA and describe one-for-one customer redemption subject to the platform’s conditions. Its reserve model, market trading price and a holder’s redemption access are separate things to assess. Evidence: [Pax Dollar](https://www.paxos.com/usdp); [USD stablecoin terms](https://www.paxos.com/terms-and-conditions/stablecoin-terms-conditions) Canonical: https://degreesofsatoshi.com/encyclopedia/what-is-usdp/ Published: 2026-10-02 Substantively modified: 2026-10-02 Independently verified by an automated reviewer: 2026-10-02T19:26:58.461Z Data current through: 2026-10-02 AI-assisted research and drafting with a separate automated source-verification pass; no external expert or named human review is implied. ## Key facts - **Asset:** USDP is the Pax Dollar stablecoin, distinct from other Paxos-issued tokens. ([Pax Dollar](https://www.paxos.com/usdp); [USD stablecoin terms](https://www.paxos.com/terms-and-conditions/stablecoin-terms-conditions)) - **Backing:** Paxos describes dollar reserves held in permitted cash and cash-equivalent arrangements. ([USD stablecoin terms](https://www.paxos.com/terms-and-conditions/stablecoin-terms-conditions)) - **Account access:** Issuer redemption requires the applicable Paxos account and checks. ([USD stablecoin terms](https://www.paxos.com/terms-and-conditions/stablecoin-terms-conditions)) ## Read the full asset name USDP is one product within a wider set of stablecoins associated with Paxos. A shared service provider does not make USDP, PYUSD and USDG interchangeable deposit assets. Their tickers, deployments and applicable entity arrangements differ. A recipient requesting USDP should receive the supported USDP version on the specified chain. Do not substitute another dollar token just because both aim at the same reference value. Evidence: [Pax Dollar](https://www.paxos.com/usdp); [USD stablecoin terms](https://www.paxos.com/terms-and-conditions/stablecoin-terms-conditions) ## Separate holding, selling and redeeming A self-custody balance records tokens controlled by the wallet. A sale exchanges them with another market participant. Direct redemption uses the issuer’s account process and the applicable eligibility requirements. The documented process includes a redemption address associated with the customer’s account. Sending tokens to an address copied from an unrelated transaction is not a substitute for obtaining the proper instructions. Evidence: [USD stablecoin terms](https://www.paxos.com/terms-and-conditions/stablecoin-terms-conditions) ## Read the observation behind the reserve statement Paxos publishes reserve information for USDP. Check which date and token supply the report covers and what the independent assurance statement actually concludes. The report is evidence about that scope, not a continuous audit of every transfer. An exchange’s displayed USDP price and the issuer’s par-redemption commitment answer different questions. Liquidity and access costs can affect what a specific holder realizes when exiting. Evidence: [Pax Dollar](https://www.paxos.com/usdp); [USD stablecoin terms](https://www.paxos.com/terms-and-conditions/stablecoin-terms-conditions) ## Questions ### Can I send USDP when a merchant requests USDC? Only if the merchant explicitly accepts that alternative. A common dollar reference does not make the two token contracts, issuers or deposit-credit systems the same. Evidence: [Pax Dollar](https://www.paxos.com/usdp); [USDC contract addresses](https://developers.circle.com/stablecoins/usdc-contract-addresses) ## Claims and scope ### what-is-usdp-quick-answer Pax Dollar, or USDP, is a dollar-referenced stablecoin issued by Paxos. The terms checked on 2 October 2026 identify Paxos Trust Company, NA and describe one-for-one customer redemption subject to the platform’s conditions. Its reserve model, market trading price and a holder’s redemption access are separate things to assess. Scope: {"collection":"stablecoins","dataAsOf":"2026-10-02","blockHeight":null} ### what-is-usdp-fact-asset Asset: USDP is the Pax Dollar stablecoin, distinct from other Paxos-issued tokens. Scope: {"collection":"stablecoins","dataAsOf":"2026-10-02","blockHeight":null} ### what-is-usdp-fact-backing Backing: Paxos describes dollar reserves held in permitted cash and cash-equivalent arrangements. Scope: {"collection":"stablecoins","dataAsOf":"2026-10-02","blockHeight":null} ### what-is-usdp-fact-account-access Account access: Issuer redemption requires the applicable Paxos account and checks. Scope: {"collection":"stablecoins","dataAsOf":"2026-10-02","blockHeight":null} ## Sources - [Pax Dollar](https://www.paxos.com/usdp) — Paxos. USDP product identity and reserve reporting; marketing is not an independent solvency audit. Locator: Pax Dollar; reserves; transparency. Retrieved: 2026-10-02T18:51:08.368Z. - [USD stablecoin terms](https://www.paxos.com/terms-and-conditions/stablecoin-terms-conditions) — Paxos. Current issuer entities and account-based redemption of USDG and USDP, with conditions and limits. Locator: Introduction; 2.7 Redemption; reserves. Retrieved: 2026-10-02T18:51:08.354Z. - [USDC contract addresses](https://developers.circle.com/stablecoins/usdc-contract-addresses) — Circle. Official chain-specific token identification. Testnet and mainnet identities must not be confused. Locator: Mainnet addresses; Solana. Retrieved: 2026-10-02T18:51:05.791Z. ## Revision history - 2026-10-02: First publication after primary-source research and separate automated verification. ## Cite this entry Degrees of Satoshi editorial project. “What is Pax Dollar (USDP)?.” Published 2026-10-02; updated 2026-10-02. https://degreesofsatoshi.com/encyclopedia/what-is-usdp/