Pax Dollar, traded under the ticker USDP, is a U.S. dollar-pegged stablecoin issued by Paxos. It was created to give crypto traders, businesses, and everyday holders a digital asset that tracks USD while moving on public blockchain networks. In practice, USDP crypto can be used as a dollar-denominated asset for swaps, payments, transfers, and portfolio management without leaving the crypto ecosystem. If you are new to this category, SwapSpace’s guide to stablecoins offers helpful background.
History, founders, project achievements of Pax Dollar
Pax Dollar comes from Paxos, a blockchain and digital asset company founded by Charles Cascarilla and Richmond Teo. Paxos developed its business around regulated digital asset services, with a focus on making traditional financial assets easier to represent and move in digital form.
USDP launched in 2018 under the name Paxos Standard, with the ticker PAX. The original idea was straightforward: create a digital dollar that could be transferred on-chain while keeping its value close to the U.S. dollar. The asset was later renamed Pax Dollar and adopted the USDP ticker, making its purpose easier to understand at a glance.
USDP represents a tokenized dollar claim issued by Paxos. It is pegged to USD because the U.S. dollar remains the main pricing unit across much of the crypto market. For many people, that makes a dollar-pegged asset useful when moving between more volatile cryptocurrencies, settling payments, or holding value between trades.
At a high level, the stablecoin model depends on maintaining reserves and redemption processes intended to support the peg. The key point for the reader is simple: USDP is designed to behave like a digital version of the dollar inside crypto markets. Although USDP is designed to maintain a value close to 1 USD, its market price can fluctuate due to market volatility, changes in supply and demand, liquidity, or temporary deviations from its peg. For more context on how pegs can hold or break, see SwapSpace’s glossary entry on peg and depeg.
Pax Dollar is one of the older U.S. dollar stablecoins, although today its supply is much smaller than that of market leaders such as USDT and USDC. Its distinguishing point is its connection to Paxos, which since December 2025 has operated as a national trust bank supervised by the U.S. Office of the Comptroller of the Currency (OCC) and has made compliance and reserve transparency central to the project’s positioning.
The main use cases for USDP are practical rather than speculative. It can help you keep funds in a dollar-referenced crypto asset, move value between wallets, exchange Pax Dollar for other digital assets, or use a stable unit of account in apps that support it. Like any crypto asset, it should be handled carefully, especially when choosing a network and wallet.
Pax Dollar market cap
Pax Dollar market cap shows the total market value of all circulating USDP coins. It is generally calculated by multiplying the circulating supply by the current Pax Dollar price.
Because supply and market pricing can change, the USDP market cap also changes over time. For current figures, check the live Pax Dollar price chart and market data displayed at the top of this SwapSpace page. Those figures are more useful than a static number in an evergreen article.
Pax Dollar wallets
A Pax Dollar wallet is any compatible crypto wallet that supports the network version of USDP you want to store. Since wallet support depends on the relevant network, always make sure the wallet and the USDP network match before receiving funds.
- MetaMask: A widely used Web3 wallet for Ethereum-based assets, suitable for holding USDP on supported networks.
- Trust Wallet: A mobile wallet that supports many cryptocurrencies and tokens, including Ethereum-based assets.
- Ledger: A hardware wallet option for storing supported crypto assets with private keys kept offline.
- Trezor: Another hardware wallet choice for people who prefer cold storage for long-term holding.
- Exodus: A beginner-friendly software wallet with broad asset support and a polished interface.
If you are comparing wallet types, SwapSpace’s guides to Ethereum wallets and hot vs. cold wallets can help you understand the trade-offs.
What networks does Pax Dollar exist on?
Pax Dollar is best known as an Ethereum-based stablecoin, where USDP exists as a token used across wallets, exchanges, and compatible crypto applications. Ethereum support is important because much of the stablecoin market, including trading and DeFi activity, has historically centered around Ethereum assets.
Besides Ethereum, Paxos has issued USDP natively on Solana since January 2024. You may also see USDP represented or supported through other blockchain environments depending on exchanges, wallet providers, or bridge services. In those cases, the practical question is not only whether USDP is listed, but which network version is being used. Different networks can affect wallet compatibility and available swap options.
For a broader explanation of how assets can exist across crypto ecosystems, SwapSpace’s overview of blockchain networks is a useful starting point.
Available networks may vary, so check the exchange widget at the top of the SwapSpace page for the networks currently supported for USDP swaps.
Why exchange Pax Dollar on SwapSpace?
SwapSpace has been operating since 2019 and works as a non-custodial crypto exchange aggregator. That means you do not need to deposit funds into a SwapSpace account to swap Pax Dollar.
When you want to exchange Pax Dollar, SwapSpace compares offers from multiple partner exchanges so you can review available options and choose a suitable USDP exchange offer. SwapSpace also provides internal verification before a crypto partner is listed.
You can check provider ratings in the Reviews section, and independent feedback about SwapSpace is available on Trustpilot. To swap Pax Dollar or compare USDP coin pairs, use the exchange widget at the top of the page for current options.
