Blockchain infrastructure company Paxos is renaming its Paxos standard stablecoin as Pax dollar with the ticker USDP.
- Paxos believes the USDP ticker more easily identifies the stablecoin as a U.S. dollar-backed token, Walter Hessert, head of strategy, said in a blog post Tuesday.
- "USDP reserves are held 100% in cash and cash equivalents. ... This names makes it obvious to anyone – USDP is a dollar," Hessert wrote.
- Paxos asked its ecosystem partners to reflect the stablecoin's new branding ahead of the updated smart contract going live on Aug. 31.
- "USDP is an important step towards making regulated digital dollars ubiquitous," Hessert wrote. "Stablecoins have the ability to transform global payments and USDP is the regulated solution."
- USDT nonetheless remains by far the world's largest stablecoin, with a market capitalization of over $65 billon. USDP's is $944 million.