USDP is issued by Paxos Trust Company LLC, a New York State chartered trust company regulated by the New York Department of Financial Services.
USDP (also known as “Pax Dollar”) is a virtual currency designed to have the same value as the US dollar, with each USDP token representing one US dollar. Virtual currencies like this are often called stablecoins.
When you load money into Sling it’s converted to USDP in your wallet, and all transfers between Sling users are conducted in USDP. When you move money from Sling into your bank account it’s automatically converted into whatever currency you want.
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USDP is issued by Paxos Trust Company LLC and is backed by real US dollars that are held in reserve by regulated financial institutions. This is meant to ensure that for every USDP token in circulation, there is an equivalent amount of US dollars held in reserve. This helps to provide confidence in the value of USDP and reduce the risk of price fluctuations.
Overall, USDP is a digital currency that aims to provide the benefits of cryptocurrency, such as fast and secure transactions, while also offering the stability and reliability of traditional fiat currencies like the US dollar.
You can learn more about USDP's compliance and reserve management on the Paxos website here.
Sling uses USDP as its primary medium of exchange and store of value. All balances held in self-custody Sling Wallets are stored in USDP.
For convenience, you can also display your balance in any other currency, which can be set in your Preferences. And you can set the display currency for any transaction with another Sling user or through a Sling Link in whatever currency you like. Underneath it all, though, transfers and storage happen using USDP and so the value in your display currency may change somewhat as exchange rates move.