THELOGICALINDIAN - The companys stablecoin will be accepted as the Pax Dollar or USDP
Crypto casework aggregation Paxos has announced that it is rebranding the Paxos Standard, its U.S. dollar-based stablecoin.
PAX Is Now USDP
The Paxos Standard will be accepted as the Pax Dollar activity forward. Formerly, the stablecoin had the ticker attribute PAX, but in the approaching it will accept the ticker attribute USDP.
The stablecoin’s new ticker attribute bears a bright affinity to those of Tether (USDT) and USD Coin (USDC), both of which are appreciably added accepted than Paxos’ own offering.
The accordant acute arrangement will be adapted to reflect the stablecoin’s new name and ticker attribute alpha on August 31.
Paxos Faces the Competition
Paxos arch of action Walter Hessert said in an advertisement that the new name makes the attributes of the bread added clear.
“This name makes it accessible to anyone–USDP is a dollar. And [we are] committed to ensuring USDP consistently equals a dollar,” Hessert said. He added that the aggregation is committed to accepting the coin’s affluence captivated 100% in banknote and banknote equivalents.
The company’s attempts to assure its userbase about dollar abetment appear in the deathwatch of account from Tether and Coinbase. Publications from those companies advance that the architecture of stablecoin affluence is added assorted than ahead thought.
Paxos is currently the seventh-largest stablecoin by bazaar cap with a accumulation of $959 million. It is additionally the seventh-largest stablecoin by trading volume, affective $78 actor over the accomplished 24 hours.
Disclaimer: At the time of autograph this columnist captivated beneath than $75 of Bitcoin, Ethereum, and altcoins.
