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Pax Dollar is a flat-collateralized stablecoin that was launched in September 2018. Stablecoins are cryptocurrencies that are designed to reduce the price volatility of the stablecoin when compared to a specific stable asset or a basket of assets.A stablecoin can be linked to either a cryptocurrency or a fixed amount of money. It can even be traded for commodities in some situations. Pax Dollar has the advantage of minimizing price risk when transacting with blockchain assets. The Pax Dollar tokens (USDP) are issued on the Ethereum blockchain as ERC-20 tokens and are backed by USD held in Paxos-owned US bank accounts.The Pax Dollar is a stablecoin that allows users to convert US dollars into Pax Dollar Tokens. Its primary objective is to use blockchain technology to stabilize the dollar. The New York State Department of Financial Services has granted Paxos a charter that permits them to provide regulated services in the crypto asset sector. The USD in the company's accounts at U.S. depository institutions backs the token itself.