Latest Crypto News Paxos Rebrands Stablecoin to Look Like Tether, USDC

Latest Crypto News Paxos Rebrands Stablecoin to Look Like Tether, USDC thumbnail

Newest Crypto Information

Newest Crypto Information The corporate’s stablecoin might be often known as the Pax Greenback or USDP.

Crypto providers firm Paxos has introduced that it’s rebranding the Paxos Commonplace, its U.S. dollar-based stablecoin.

Newest Crypto Information PAX Is Now USDP

The Paxos Commonplace might be often known as the Pax Greenback going ahead. Previously, the stablecoin had the ticker image PAX, however sooner or later it’s going to have the ticker image USDP.


The stablecoin’s new ticker image bears a transparent resemblance to these of Tether (USDT) and USD Coin (USDC), each of that are significantly extra in style than Paxos’ personal providing.

The related sensible contract might be up to date to mirror the stablecoin’s new title and ticker image starting on August 31.

Newest Crypto Information Paxos Faces the Competitors

Paxos head of technique Walter Hessert stated in an announcement that the brand new title makes the character of the coin extra clear.

“This title makes it apparent to anybody–USDP is a greenback. And [we are] dedicated to making sure USDP all the time equals a greenback,” Hessert stated. He added that the corporate is devoted to having the coin’s reserves held 100% in money and money equivalents.

The corporate’s makes an attempt to reassure its userbase about greenback backing come within the wake of reports from Tether and Coinbase. Publications from these firms counsel that the make-up of stablecoin reserves is extra various than beforehand thought.

Paxos is presently the seventh-largest stablecoin by market cap with a provide of $959 million. It is usually the seventh-largest stablecoin by buying and selling quantity, transferring $78 million over the previous 24 hours.

Disclaimer: On the time of penning this creator held lower than $75 of Bitcoin, Ethereum, and altcoins.

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