The locally licensed crypto platform Philippine Digital Asset Exchange (PDAX) recently announced the listing of $USDG, a U.S. dollar-backed stablecoin by blockchain firm Paxos. The listing adds to the more than 50 tokens currently available on the platform.
What is $USDG?
$USDG is issued by Paxos Digital Singapore Pte. Ltd., designed to maintain a 1:1 peg to the U.S. dollar for minimal price volatility.
It is fully redeemable for U.S. dollars and operates within a transparent framework with verifiable reserves. It is backed by major fintech and crypto firms such as Robinhood, Kraken, and Galaxy Digital.
Use Cases
- Trading and DeFi applications
- Peer-to-peer transfers
- Remittances and international transactions
- Payments for goods and services
How to Buy $USDG on PDAX
Step 1: Log In
- Go to web.pdax.ph and sign in to your account.
- You can also use the PDAX mobile app (steps may vary slightly).
Step 2: Fund your account with pesos.
- Go to Funds > Payment In > PHP > Cash In > [Payment Channel].
Step 3: Once the funds are in the account, go to the order book platform.
Step 4: Find the USDG <> PHPT pair.
- Choose USDG as the cryptocurrency you want to buy.
- Set PHP as the currency you’re converting from.
- Input the amount in PHP you wish to spend.
Step 5: Buy USDG.
Step 6: Review the transaction details and click “Convert”.
Step 7: Confirm purchase
- Double-check your order and click Confirm to finalize your purchase.
Stablecoins on PDAX
- $PAXG (Pax Gold)
- A gold-backed stablecoin where each token represents one fine troy ounce of gold stored in LBMA-approved vaults.
- It allows investors to own physical gold in a digital form.
- $USDT (Tether)
- A widely used stablecoin pegged to the U.S. dollar.
- It is backed by reserves that include cash, cash equivalents, and other assets, aiming to maintain a 1:1 value with the dollar.
- $USDC (USD Coin)
- Another U.S. dollar-pegged stablecoin, fully backed by dollar reserves and U.S. Treasury instruments.
- It is known for its transparency and regulatory compliance.
- $PYUSD (PayPal USD)
- A stablecoin issued by PayPal, backed by U.S. dollar deposits, short-term U.S. Treasurys, and similar cash equivalents.
- It is designed for payments and operates on the Ethereum blockchain.
- Read:
Latest PDAX News
Recently, PDAX partnered with Coinbase Wallet and Base to expand on-chain access for Filipinos, enabling users to take full control of their digital assets, explore DeFi and NFTs, and benefit from lower transaction fees.
Last year, the Bureau of the Treasury, in partnership with PDAX and GCash, announced the launch of GBonds in December 2024 to make government-issued bonds more accessible to retail investors.
This article is published on BitPinas: PDAX Adds USDG: What You Need to Know About the Paxos-Backed Stablecoin
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