Easy way to Buy PaPax Dollar(USDP) Online with Wigwam crypto app

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How to buy and hold USDP with Wigwam

USDP

1. Choose a token number that you want to buy

2. Create a wallet, where to store your crypto

3. Pay with credit card

788.40 USDP

4. Check your crypto in the created wallet

Why Wigwam is the best crypto wallet for Pax Dollar (USDP) storage

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Why Wigwam is the best crypto wallet for Pax Dollar (USDP) storage

Pax Dollar (USDP) review

Pax Dollar (USDP) is an ERC-20 USD-backed stablecoin issued and managed by Paxos, a company registered with the New York State Department of Financial Services. The Paxos Trust Company backs each USDP token with an equivalent amount of US dollars in its reserve, these reserves are subjected to regular audits to verify their legitimacy. Its reserves are held 100% in cash and cash equivalents with customer assets being kept segregated under New York banking law.

The USDP aims to provide a stable and transparent alternative to traditional fiat currencies, creating an ecosystem where users can transfer digital assets globally without restrictions. The parity with the dollar provides stability to the USDP and shields it from the notorious crypto market volatility.

About USDP

Charles Cascarilla and Rich Teo founded the Paxos Trust Company in 2012, originally named itBit, it rebranded to Paxos Trust Company in 2015. itBit was the inaugural bitcoin exchange to be granted a license by the New York State Department of Financial Services, enabling Paxos to serve as a custodian and exchange for clients within the United States.

Paxos is a New York-based financial institution and technology company specializing in blockchain technology. Paxos offers various financial services such as cryptocurrency brokerage services, asset tokenization services, and settlement services. The company is supervised by the New York Department of Financial Services and maintains a dedication to rigorous risk management and due diligence procedures.

Paxos has its corporate activities and performance overseen by an independent Board of Directors, it is regulated as a trust company and licensed as a major payment institution. Paxos is the first company approved in the US and regulated to offer crypto products and services. In 2015, the company obtained a limited-purpose trust charter from the New York State Department of Financial Services.

Paxos has broadened its offerings beyond cryptocurrency exchanges by launching PAX Gold (PAXG), the pioneering regulated gold-backed digital token, and the Paxos Standard (later rebranded as Pax Dollar or USDP), one of the initially regulated stablecoins pegged to the U.S. dollar.

USDP Token Use Cases

USDP has several use cases, primarily due to its stability and regulatory compliance, which make it suitable for a wide range of financial applications:

Trading: USDP can be utilized as a stable base currency for trading on cryptocurrency exchanges due to its stability.

Cross-Border Payments: The token can be utilized for international payments without worrying about fluctuating exchange rates or transaction fees.

Settlement Services: USDP can be used in Settlement Services, where it can replace traditional settlement methods and offer improved transparency and cost-effectiveness.

Consumer Payments: USDP can be used by consumers globally for everyday transactions and as a safe medium of transaction.

Economic Value

USDP is a USD-backed stablecoin, as each token is backed 1:1 by the US dollar. USDP has a circulating supply of 352M coins and a max supply of 352M USDP. The issuance and redemption of USDP tokens are integral to upholding its value and stability.

USDP tokens can be obtained by depositing US dollars into the Paxos account, where the Paxos smart contract then creates an equivalent amount of USDP tokens without charging fees.

Token holders can exchange their USDP for US dollars at a 1:1 ratio at any time, conversion and redemption of USDP into dollars are free of charge. Tokens are immediately burned (removed from circulation) after redemption and conversion, as it ensures price stability and balances the remaining number of tokens with the USD reserves.

Challenges

According to the report by S&P Global, USDP along with other stablecoin is struggling to maintain its peg to the US dollar. Not only that, the USDP is subjected to crypto market fluctuations, changing market conditions, technological issues, liquidity stresses, and changes in regulations. USDP also faces the risk of hacking, fraud, or other malicious activities that can lead to losing its funds and reserves. 

USDP needs to overcome barriers to its widespread adoption and acceptance of it. There are already other more popular stablecoins in the market such as DAI, USDC, and Tether, which are giving tough competition to the USDP. 

Disclaimer

This article is for informational purposes only and should not be interpreted as financial or investment advice. The views expressed herein represent solely the opinion of the author and are not intended to provide specific trading or investment recommendations. We do not guarantee the accuracy, completeness, or reliability of the information contained in this article. The cryptocurrency market is known for its high volatility and unpredictable fluctuations. Investors, traders, and anyone engaging with cryptocurrency are advised to conduct thorough research, consider a variety of perspectives, and acquaint themselves with applicable local regulations prior to making any investment decisions.

FAQ

You can buy USDP tokens from trading platforms like Crypto.com, and centralized exchanges such as Coinbase and Binance. Also, you may use our Wigwam crypto wallet to buy tokens faster.

Yes, You have the option to stake USDP on centralized exchanges such as Nexo, as well as in liquidity pools within decentralized protocols like Uniswap.

 You can view it by visiting Etherscan and entering your wallet address in the search bar.

The steps specifics might vary based on the wallet you are using, but the general steps to add USDP tokens will be as follows:

Open your crypto wallet, click on the option of “Add tokens”, and then enter the USDP token details as follows

  1. Token Contract Address: 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48
  2. Token Symbol: USDP
  3. Decimal Precision: With 6 Decimals

After entering the token details click on “Save” to add the USDP token to your wallet.

The risks of buying USDP are relatively low as it is 1:1 peg to the US dollar and is issued by a regulated trust company. However, it is a cryptocurrency and there is always a risk of hacking, and fraud, resulting in loss of funds. Additionally, even stablecoins are subjected to market fluctuations and come with a high risk of the crypto market and price volatility. It's essential to thoroughly investigate before buying USDP or any cryptocurrency.