Stablecoin issuer Paxos has renamed its coin to reflect that it is backed by the US Dollar
Paxos Standard is now known as Paxos Dollar
Paxos has changed the name of its stablecoin. The company announced this in a blog post earlier today as it makes changes due to reflecting the growing demand for its stablecoin. Paxos said, “We’re excited to announce that Paxos Standard (PAX) will now be known as Pax Dollar (USDP). The USDP ticker more easily identifies Pax Dollar as a US dollar-backed token.”
The company added that the changes were made to ensure that people easily recognize the Paxos Dollar to be a US Dollar-backed stablecoin. “USDP is regulated and redeemable one-to-one for US dollars. USDP reserves are held 100% in cash and cash equivalents. We’ve outlined our commitment to regulation and transparency in our stablecoin operations,” Paxos added.
Paxos wants USDP to help with financial inclusion
The blockchain firm said it wants the USDP to play a crucial role in helping people gain access to financial services globally. Paxos added that Blockchain technology has the potential to transform the global economy. Paxos said stablecoins are key to achieving open, digital financial systems.
According to Paxos, its regulatory status makes it one of the leading stablecoins, and they intend to make it easier for people in the unbanked regions of the world to gain access to financial services.