⇑ USDP Coin Gains Stability; Paxos Plans Expansion and New Partnerships
Paxos , the issuer of Pax Dollar (USDP) , has made strides in establishing its coin as one of the world's leading regulated stablecoins. Recent...
The important coverage from these events revolves primarily around stablecoins, and particularly the Pax Dollar, now known as USDP Coin. Critical events include the alleged depegging of the Pax Dollar, leading to a panic that shook the crypto markets. However, despite these events, S&P has ranked USDP as a strong stablecoin right after Tether, which it termed 'constrained'.
Additionally, Paxos has furthered its expansion efforts to launch its stablecoin on the highly popular Solana blockchain. It's also enticing with MakerDAO to boost stablecoin uptake. The New York financial regulator has also approved its extension to Solana, allowing the first stablecoin issuance beyond Ethereum for Paxos.
USDP pricing is a focal point, with New York regulators probing Paxos, one of the issuers. Paxos has also received the green light to join the Solana blockchain and has partnered with Mercado Pago to extend access to the USDP for Mexican customers.
Despite the dominance of other stablecoins sliding, USDP appears to be performing well, fueling speculation about its future role in cryptocurrency. Interestingly, Binance, the issuer of the third-largest stablecoin, has decided to stop supporting the higher USDC, which could also positively impact USDP's standing.
Furthermore, recent movements suggest that Paxos, the parent company of USDP, is facing regulatory issues, including a potential lawsuit from the SEC over its relations with Binance stablecoin.
USDP Coin News Analytics from Tue, 24 Aug 2021 07:00:00 GMT to Fri, 19 Apr 2024 07:00:00 GMT - Rating 6 - Innovation 4 - Information 7 - Rumor -2