Pax Dollar is an ERC-20 stablecoin created by Paxos Trust Company and is a token that is backed one-to-one by USD deposits. Pax is the world's first regulated token controlled by DFS (New York State Department of Financial Services). A distinctive feature of USDP is that new tokens can only be created if an equal amount of dollars has been deposited into a Pax regulated bank account. If the user decides to return the dollars, he sends USDP to the company and they are burned. The company does not charge any commission for the conversion or redemption of USDP tokens. The minimum conversion amount is $100. Pax Engages Third Party Auditors to Verify USDP / USD Ratio
Since USDP is built on the Ethereum blockchain, it can be used as programmable money for smart contracts or to interact with dApps. It was created in 2018.