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Paxos Dollar (USDP) Briefly Loses Peg as NYDFS Reportedly Probes the Platform

The USDP stablecoin lost its peg briefly on Feb. 10 after falling to $0.98. The New York Department of Financial Services (NYDFS) is reportedly probing Paxos.

The USDP stablecoin, managed by Paxos, briefly lost its $1 peg and is hovering at around $0.98. This is not the first time the stablecoin has lost its peg, with the asset showing multiple instances of this throughout 2022.

(By Rahul Nambiampurath)

Pax Dollar Pax Dollar $1.00
-0.05%
Paxos
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