Pax Dollar (USDP) Review
Cash-only reserves with unconditional redemption
of 10
Paxos states USDP reserves are held 100% in cash and cash equivalents so that funds are always available for 1:1 redemption, with monthly attestation reports and oversight from the Office of the Comptroller of the Currency.
No money changes hands. This is a non-commercial project: no advertising, no sponsored placements, and no affiliate or referral links. Links to the services below earn us nothing. Every overall score is the plain average of the criteria shown on the page, so you can check the arithmetic yourself — see our rating methodology and how the site is funded.
Backing
100% cash and cash equivalents
Regulator
Office of the Comptroller of the Currency
Attestation
Monthly
Redemption
1:1, always available
Custodians
Not named
Scores
Each criterion carries equal weight. The overall score is the average of these 5 scores — (9.0 + 9.0 + 9.0 + 6.0 + 9.0) ÷ 5 = 8.4.
Pros
- Reserves stated as 100% cash and cash equivalents — no duration, no credit risk
- Redemption described as 1:1 and always available
- Monthly attestation reports published
- Issuer subject to OCC oversight
Cons
- Custodian banks are not named on the page we checked
- The attesting firm is not named on this page
- Cash-only reserves earn less, which constrains the product's economics
The simplest backing here
Paxos states USDP reserves are held entirely in cash and cash equivalents, so customer funds are always available for 1:1 redemption. Several competitors hold Treasuries with real, if short, duration; a pure cash reserve removes that consideration entirely.
Federal oversight
The issuer is subject to OCC oversight, which is a federal banking supervisor rather than a state regime — a meaningfully different footing to most of this category.
What is missing
Neither the custodian banks nor the attesting firm are named on the page we read. Gemini names both, so the omission is a genuine gap rather than an industry norm.
How it compares
Ethena USDe
Synthetic dollar, and says so
Sky USDS
Crypto-collateralised with public collateral data
Tether (USDT)
The largest supply, the thinnest disclosure cadence
First Digital USD (FDUSD)
Bankruptcy-segregated reserves in a Hong Kong trust
Global Dollar (USDG)
Supervised in Singapore and under MiCA in Europe
PayPal USD (PYUSD)
Regulated issuer behind a consumer brand
USD Coin (USDC)
Instrument-level reserve disclosure
Ripple USD (RLUSD)
Dual regulatory approval with a named custodian
Gemini Dollar (GUSD)
Named auditor, named regulator, named custodians
Sources
Scored from published primary sources rather than hands-on use. Every figure above comes from one of the pages below, on the date shown. Manufacturers change prices and specifications without notice — if something here no longer matches the source, tell us and we will correct it.
- 1.Paxos — USDP official page — checked
Frequently asked questions
What backs Pax Dollar?
Paxos states USDP reserves are held 100% in cash and cash equivalents, so customer funds are always available for 1:1 redemption.
Who regulates Paxos?
The page states the issuer is subject to oversight by the Office of the Comptroller of the Currency.
Nothing here is financial advice. Editorial policy · How we score · How we're funded.