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Despite potential price fluctuations on different trading venues, USDP will always remain redeemable for $1 on Paxos, a spokesperson told Cointelegraph.

The value of the stablecoin Pax Dollar (USDP), issued by the Paxos Trust Company, experienced a surge to a high of $1.28, triggering the liquidation of $529,000 in USDC for a market participant.

In a groundbreaking move, Binance, the world's premier cryptocurrency exchange, is set to redefine its futures trading platform by introducing FDUSD as a margin asset and bidding farewell to USDP. This strategic overhaul, slated to commence on March 8, 2024, at 09:00 (UTC), is poised to enhance the flexibility and robustness of Binance Futures for its vast user base.

Binance, one of the foremost cryptocurrency exchanges globally, has officially announced a significant transition in its margin assets on the Binance Futures platform. In a move aimed at enhancing the trading experience and aligning with market demands, Binance will be shifting its support from USDP to FDUSD.

Binance Futures is set to support FDUSD as a margin asset, replacing USDP in Multi-Assets Mode, enhancing the platform's flexibility for users.

The company aims to compete with major stablecoin issuers, utilizing Solana's efficiency for lower fees with Paxos USDP stablecoin.

Paxos's Solana expansion was approved by NYDFS.

Paxos, a stablecoin issuer based in New York, is expanding its operations into the Solana (SOL) network, marking a pioneering move as the first multi-chain platform to operate under regulation across various jurisdictions.

Paxos, a major player in the stablecoin market, has secured regulatory approval from the New York Department of Financial Services (DFS) to expand its stablecoin offerings to the Solana blockchain, according to a Dec. 22 Fortune report.

Paxos claims that the approval from the New York regulator aligns with its commitment to regulatory compliance and transparency.

The producer of the S&P 500 assessed eight stablecoins. Tether received the second-lowest rating.

For the first time in months, the entire list of top ten stablecoin assets has experienced supply shrinkage in the last 30 days. The stablecoin market now stands at $124 billion, following notable reductions across several projects.

Paxos Dollar (USDP) may not be a top stablecoin, but its recent surge in metrics has attracted whales, indicating significant accumulation and market attention.

Blockchain analytics platform Santiment says that deep-pocketed investors are scooping up a massive amount of one crypto asset as Bitcoin's (BTC) price hovers.

Paxos's Pax Dollar (USDP) is a regulated stablecoin.

In a move set to alleviate the burden of exorbitant remittance fees for customers, Paxos, the pioneering blockchain finance company, has joined forces with MercadoLibre, a leading online marketplace, to introduce the Pax Dollar (USDP) to the Mexican crypto market.

The move provides PAX coin access to Mexico's 3.1 million-plus cryptocurrency users.

Paxos is teaming up with Mercado Libre to make the regulated Pax Dollar available in Mexico.

The e-commerce giant's Mercado Pago app will give Mexicans access to digital dollars.

Today's crypto market highlights Nexo (NEXO), Flare (FLR), Pax Dollar (USDP), PAX Gold (PAXG), Dai (DAI), and Tether (USDT) as the top gainers, while Floki Inu (FLOKI), PepeCash (PEPE), PancakeSwap (CAKE), Huobi Token (HT), Luna Classic (LUNC), Conflux (CFX), and Woo Network (WOO) have experienced losses.

Today's cryptocurrency market showcases a mix of projects experiencing notable gains and others facing significant losses. Arbitrum, Optimism, WOO Network, Ethereum, and Cardano have emerged as the top gainers of the day, while Quant, LEO, Monero, and Pax Dollar are the top losers.

Recently, the stablecoin market experienced significant changes, creating an opportunity for other stablecoins, such as Pax Dollar [USDP] and TrueUSD [TUSD], to grab the market share. Since Binance's [BUSD] decline following CFTC's allegations, there has been a vacancy at the top of the list.

According to statistics, on March 26, the stablecoin economy was valued at $135 billion, with the top stablecoins representing $31.8 billion or 75% of the $42.17 billion in 24-hour global trade volume across the entire crypto market. In the last two weeks since March 11, 7.06 billion USDC and 351.57 million BUSD have been redeemed.

Definition The total amount of coins held on exchange addresses.