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Paxos renames its stablecoin from PAX to USDP

Paxos, the company behind the Paxos Standard stablecoin (PAX), has announced that it is changing the name of its cryptoasset. Paxos Standard is now Pax Dollar, and you’ll soon be able to identify it on your favorite cryptocurrency exchange, wallet or explorer under the USDP ticker.
Other than the name, USDP remains fundamentally identical to PAX. Like other stablecoins, USDP has been invented so that its value doesn’t fluctuate over time when you compare it to fiat currencies. The value of USDP is indexed to USD. At any point in time, one USDP is worth one USD.
Stablecoins provide many advantages. Sending money is as easy as moving crypto assets from one wallet to another. You don’t have to enter intermediary bank information, worry about local regulation, etc. Many people around the world don’t have bank accounts — stablecoins and cryptocurrency wallets could potentially become an alternative to traditional bank accounts.
You can also use stablecoins to take advantage of DeFi projects (decentralized finance). For instance, you can contribute to lending pools and earn interests from your stablecoin holdings.
In addition to USDP, other popular stablecoins include USD Coin (USDC) and Tether (USDT). As you can see, a naming convention has emerged over time. And Paxos says that it is changing the name of its stablecoin for this reason in particular.
Whenever Paxos issues new tokens, it stores some USD and USD equivalent in a bank account. Right now, Paxos uses US Treasury Bills with short maturities as USD equivalent. Auditing firms regularly check the company’s claims.
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