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Paxos is changing the name of its stablecoin to reflect the growing popularity and demand for USD-backed tokens.

The Paxos Standard (PAX) is the world’s first regulated crypto asset completely backed by USD at a 1:1 ratio. The stablecoin PAX is a liquid digital alternative to fiat money available 24 hours a day, seven days a week for global transaction settlement.

According to Paxos blockchain infrastructure platform representatives, the PAX stablecoin will be renamed Pax Dollar (USDP). This decision was supported by the fact that the stablecoin’s new name will make it simpler to recognize it as an asset-backed by the US dollar and guaranteed by cash held in the company’s bank accounts.

Walter Hessert, Paxos’ head of strategy, remarked that the demand for controlled USD tokens has increased dramatically due to the rapid expansion in the use of stablecoins in everyday life. Paxos’ goal is to make the USDP value equal to $1, and to do this; the business has put aside 100% of the asset for safekeeping in cash and equivalents.

Paxos‘ key rivals, such as Circle, the creator of the USDC, are also very busy. Circle also intends to convert all of its reserves into cash and short-term US government bonds to support USDC in US dollars completely.

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