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The stablecoin USDP rose to $1.29 yesterday. Paxos said it was due to problems with the pricing aggregator rather than the protocol itself

The stablecoin USDP rose to $1.29 yesterday. Paxos said it was due to problems with the pricing aggregator rather than the protocol itself

2024/04/18 10:45

PANews April 18 news, according to Cointelegraph, a Paxos spokesperson stated that the recent decoupling of the Pax Dollar (USDP) stablecoin was caused by problems with the pricing aggregator, not the protocol itself; “These platforms extract pricing data from trading venues Yesterday, there were sharp price increases on some venues, affecting the price of USDP on pricing aggregators. Paxos does not control the market or trading activity on other trading venues. Despite temporary price fluctuations, USDP will always be redeemable at fair value through Paxos. ".

According to data from CoinMarketCap, the decoupling occurred during a sharp rise in USDP market capitalization on April 17. USDP market capitalization briefly rose from $140 million to $181 million when the token hit $1.29. USDP’s market capitalization fell back to $1.29 when it regained parity with the US dollar. $140 million. USDP currently has a market capitalization of $134 million.

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