Pax Dollar (USDP) is a stablecoin that is pegged to the US dollar on a 1:1 basis, meaning that it maintains a stable value relative to the US dollar. It is a type of cryptocurrency that is designed to provide stability and act as a digital representation of the US dollar in the world of blockchain and cryptocurrencies.

Pax Dollar was created by the team at Paxos, a New York-based financial technology company that specializes in blockchain-powered financial products.

Pax Dollar (USDP) is primarily used as a medium of exchange and store of value in the cryptocurrency ecosystem. It provides a stable and reliable digital asset that can be used for various purposes, such as making transactions, trading on cryptocurrency exchanges, and hedging against the volatility of other cryptocurrencies. USDP is often used by traders, investors, and businesses who require a stable digital asset that maintains its value relative to the US dollar, without the price fluctuations typically associated with other cryptocurrencies.