$USDP is the stablecoin issued by Paxos Trust Company on Ethereum and BNB Chain, pegged 1:1 to the US Dollar.

The $USDP token is fully collateralized 1:1 by the U.S. dollar, issued by the Paxos Trust Company, and approved and regulated by the New York State Department of Financial Services. Built on the Ethereum blockchain, it offers the benefits of crypto-assets, such as immutability and decentralized accounting. Since it is fully collateralized by dollars, $USDP provides a liquid, digital alternative to cash that is available 24/7 for instantaneous transaction settlement and is fully redeemable. As a Trust company, Paxos is a fiduciary and qualified custodian of customer funds and can therefore offer greater protections for customer assets than any other existing stablecoin. Dollar deposits used to purchase $USDP from Paxos.com are always held in segregated accounts at multiple FDIC-insured U.S.-domiciled banks. Verified $USDP customers can purchase and redeem tokens directly through Paxos.com on a 1:1 basis with USD.