The local license cryptographic platform Philippine Digital Asset Exchange (PDAX) recently announced the USDG list, a stablecoin backed by US dollar for the firm of Blockchain Paxos. The list adds to the more than 50 tokens currently available on the platform.
What is $ USDG?
$ USDG is issued by digital paxos Singapore Pte. Ltd., designed to maintain a 1: 1 plug to the US dollar for minimal price volatility.
It is totally redeemable for US dollars and operates within a transparent framework with verifiable reserves. It is backed by the main companies of Fintech and cryptography such as Robinhood, Kraken and Galaxy Digital.
Use cases
- Commerce and Defi applications
- Peer transfers
- International remittances and transactions
- Payments for goods and services
How to buy $ USDG in Pdax
Step 1: Access
- Gonna Web.pdax.ph and log in to your account.
- You can also use the PDAX mobile application (the steps can vary slightly).
Step 2: Fund of your account with pesos.
- Go to funds> payment in> pHP> effective in> [Payment Channel].
Step 3: Once the funds are on the account, go to the order book platform.
Step 4: Find the USDG pair <> phpt.
- Choose USDG as the cryptocurrency you want to buy.
- Set PHP as the currency you are becoming.
- Enter the amount in PHP you want to spend.
Step 5: Buy USDG.
Step 6: Check the details of the transaction and click “Convert”.
Step 7: Confirm the purchase
- Verify your order and click Confirm to finish your purchase.
Stablecoins in Pdax
- $ PAXG (PAX GOLD)
- A stable backed by gold where each token represents a fine ounce of gold stored in vaults approved by lbma.
- It allows investors to have physical gold digital.
- USDT (Tether)
- A widely used stablcoin fixed to the US dollar.
- It is supported by reserves that include cash, cash equivalents and other assets, with the aim of maintaining a value 1: 1 with the dollar.
- USDC (USD currency)
- Another stablecoin, totally supported by Dollar Reserves and Us Treasury Instruments.
- It is known for its transparency and regulatory compliance.
- $ Pyusd (paypal USD)
- A stable issued by PayPal, backed by US dollars, short -term treasure of the US and similar cash equivalents.
- It is designed for payments and operates in Ethereum blockchain.
- Read:
Latest Pdax news
Recently, Pdax was associated with Coinbase Wallet and the basis to expand access in the Philippine chain, allowing users to take total control of their digital assets, explore Defi and NFTS and benefit from the lowest transaction rates.
Last year, the Treasury Office, in association with PDAX and GCASH, announced the launch of Gbonds in December 2024 to make bonds issued by the government more accessible to retail investors.
This article is published in Bitpins: Pdax adds USDG: What you need to know about the stablecoin backed by Paxos
What else is happening in Crypto Philippines and beyond?
