⇑ 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 recent events in the cryptocurrency market have created a significant influence on the status of digital currencies. Paxos has announced an expansion with its stablecoin USD Paxos (USDP) by launching it on the Solana blockchain. This development is in line with the company's plan of having Pax Dollar to be its first stablecoin issuance beyond Ethereum.
Apart from this, S&P Global Ratings has introduced a Stablecoin Stability Assessment Ranking where USDP has been ranked as 'Strong'. This ranking noted Tether as 'constrained' highlighting the strong performance of USDP in comparison. In addition, USDP has got a green signal from NY regulators to join the Solana blockchain.
Paxos aims at attracting MakerDAO by offering them an opportunity of paying a yield for holding up to $1.5 billion USDP stablecoin. Alongside this, Binance, the issuer of the third-biggest stablecoin has planned to stop supporting a larger rival USDC. This indicates a potential growth opportunity for other stablecoin in this space.
Addressing recent depegging issues, Paxos has clarified on the reasons behind these issues and the liquidation of traders. Moreover, Paxos' partnership with Mercado Pago brings opportunities for Mexican customers by providing easier access to Pax Dollar (USDP). Lastly, Paxos rebrands its stablecoin to look like Tether and USDC, while ceasing the issuance of Binance stablecoin under an order from the NY regulator.
USDP Coin News Analytics from Tue, 24 Aug 2021 07:00:00 GMT to Tue, 03 Sep 2024 09:00:22 GMT - Rating 7 - Innovation 2 - Information 8 - Rumor -5