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Paxos, the regulated blockchain infrastructure platform for enterprises, and Mercado Libre’s Mercado Pago, Latin America’s leading online payments platform, have announced that Paxos’ regulated US dollar-backed stablecoin, Pax Dollar (USDP), will now be available to all Mercado Pago users in Mexico.
The most important features of any financial product are its clarity, certainty and transparency. These features define both its utility and its safety. In the case of stablecoins, users should know what they own and outside observers should have a window into the activities of any firm holding reserves. Paxos follows the NYDFS guidelines for portfolio management at all times.
Paxos, the leading regulated blockchain infrastructure platform, has disclosed the specific financial instruments backing its regulated stablecoins USDP and BUSD. Moving forward, Paxos will provide these detailed disclosures on a monthly basis in addition to its attestations.
I've spent a lot of time in the last three months talking, writing and educating about stablecoins. The main takeaway I’ve focused on is that stablecoins - as a financial product - are really nothing new.
MercadoPago will offer its Brazilian customers the opportunity to buy, sell and hold Bitcoin, Ethereum and the Paxos-issued US dollar-backed stablecoin USDP. The offering is fully powered by Paxos’ leading blockchain infrastructure and our turnkey solution powering crypto for the largest tech companies and financial institutions in the world.
USDP, Paxos’ leading regulated stablecoin backed 100% by cash and cash equivalents, is the inaugural stablecoin available in Facebook’s pilot of the Novi digital wallet launched today. This news represents a tide shift in digital assets, as it’s the first time that stablecoins are readily available in a consumer wallet outside of the crypto ecosystem.
Paxos Standard (PAX) will now be known as Pax Dollar (USDP). The USDP ticker more easily identifies Pax Dollar as a US dollar-backed token. As use cases for stablecoins rapidly expand, the demand for a regulated USD token has grown significantly. Companies and consumers globally are entering crypto markets and need a safe, dollar-based solution. As USDP, everyone will be able to instantly recognize our token as a dollar-backed stablecoin.
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