Binance Delists Pax Dollar Stablecoin from Spot Trading
Binance has announced that it will delist the Pax Dollar (USDP) stablecoin from spot trading starting September 24. This decision means that all pending orders for USDP will be automatically canceled, and margin, lending, payments, and other services will end on staggered dates before then.
Withdrawals of USDP will remain available until November 24, giving users two months to move their funds. However, after this date, any remaining USDP balances may be converted into another stablecoin by Binance, although the replacement or exchange rates have not been confirmed.
Paxos, the issuer of USDP, has confirmed that the stablecoin remains fully backed by cash and cash equivalents and continues to offer one-to-one dollar redemption. This delisting reflects Binance's periodic review of assets based on trading volume, liquidity, and regulatory factors, but does not indicate any loss of backing or redemption capability for USDP outside Binance.