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Launched in 2018 by the Paxos Trust Company, the Pax Dollar, or USDP, is a US dollar stablecoin. The token was developed to provide a place for users to store funds away from the high volatility of the cryptocurrency markets. Originally called the Paxos standard, with a ticker symbol - PAX, Paxos decided to rebrand the name of the token to the Pax Dollar (USDP) in 2021.
According to Paxos’ website, each USDP can be redeemed for 1 US dollar at any time. The aim of the project is to hold the ratio between USDP and USD as close to 1:1 as possible. This is achieved through Paxos’ physical reserves. It is the responsibility of the Paxos Trust Company to ensure that all circulating USDP tokens are backed by physical US dollars. As new USDP is minted, more reserves are added to Paxos’ reserves. As USDP is removed from circulation, reserves are removed from Paxos’s reserves. Thanks to being pegged to a fiat currency, the Pax Dollar can facilitate everyday monetary transactions while offering minimal price swings or other volatility induced risks. The token was developed using the Ethereum blockchain and was, therefore, created using the ERC-20 token standard. All transactions completed with USDP require a small gas fee payment made in ETH.
Binance USD (BUSD) is the 8th largest cryptocurrency in the world by market cap, valued at $18,439,486,074. The current price of Binance USD is $1.41423, which is 0.293% higher than yesterday. Prices have ranged between $1.41846 and $1.40591664 over the past 24 hours. All prices are listed in Australian dollars (unless otherwise noted) and accurate as of May 23, 2022 01:05 UTC.
| Coin symbol | BUSD |
|---|---|
| Coin Marketcap | AUD$18,439,486,074 |
| Total BUSD supply | 18,406,866,051 |
| Circulating BUSD | 18,406,866,051 |
| Current price | AUD$1.41423 |
| All time high | AUD$2.2842 |
| All time high date | March 13, 2020 |
| Industry | Stablecoins |
| Token uses | Stablecoin |
| Network | Ethereum, Binance Smart Chain |
Historical prices compared with the price of $1.41423.
| 1 hour | 0.13% |
|---|---|
| 24 hours | 0.29% |
| 7 days | -0.05% |
| 14 days | 0.20% |
| 30 days | 0.18% |
|---|---|
| 60 days | 0.37% |
| 200 days | 0.23% |
| 1 year | 0.78% |
Disclaimer: Cryptocurrencies, including Binance USD, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of BUSD is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Binance USD or any other cryptocurrency discussed.
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