Pax Dollar
USDP
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
USDP (Pax Dollar) is an RWA-style, fiat-backed USD stablecoin issued by Paxos Trust Company under NYDFS and OCC regulatory oversight. The asset benefits from an excellent audit pedigree (multiple independent audits from Trail of Bits, ChainSecurity, Nomic Labs, and Zellic) and an unblemished security record with no history of smart contract exploits, hacks, or depeg events. However, USDP operates primarily in legacy maintenance mode, as Paxos has strategically shifted resources toward newer institutional stablecoin initiatives such as PYUSD and USDG. This deprioritization is reflected in stagnant developer repository activity, negligible community engagement, contracted circulating supply (~$29M), and thin secondary market liquidity. Additionally, Paxos no longer proactively publishes monthly reserve attestation reports on its transparency portal. Overall, while USDP retains solid regulatory backing and security hygiene, its utility and growth prospects remain constrained.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Pax Dollar (USDP)
Pax Dollar (USDP), originally launched in September 2018 as Paxos Standard (PAX) and rebranded in August 2021, is a fiat-collateralized stablecoin issued by Paxos Trust Company. Operating on the Ethereum and Solana blockchains, USDP utilizes an elastic, demand-driven mint-and-burn mechanism backed by fiat reserves to maintain parity with the United States dollar. The issuer operates under a New York State Department of Financial Services (NYDFS) trust charter alongside oversight from the Office of the Comptroller of the Currency (OCC).
The smart contracts governing USDP have undergone independent security audits across versions by firms including Nomic Labs, ChainSecurity, Trail of Bits, and Zellic. USDP maintains an institutional presence with payment integrations such as card settlement networks. Across its operational history, the token has maintained an unblemished security record with no documented smart contract exploits, hacks, or depeg events.
However, USDP operates primarily as a legacy asset in maintenance mode, as Paxos has shifted institutional focus and development resources toward newer stablecoin products, including PYUSD and USDG. This strategic pivot is accompanied by stagnant development in its public repository, a contracted circulating supply of approximately $29 million to $32 million, thin liquidity, and market share losses alongside MiCA-driven exchange delistings. Additionally, governance remains fully centralized under Paxos's exclusive control over proxy contract functions, and the issuer has discontinued proactive monthly reserve attestation reporting on its public transparency portal.