Binance will remove all Pax Dollar (USDP) spot trading pairs on 24 September at 03:00 UTC, giving holders about two weeks to exit positions after the delisting announcement posted on 8 September. Binance said the move followed a routine periodic review of listed digital assets, but it did not name a specific reason for dropping the token.
USDP’s circulating supply sits near 29.2 million tokens, with a market capitalisation of about $29 million, while daily trading volume was $14.7 million on 9 September, according to CoinGecko. Binance accounted for roughly 3% of that volume, while Gate.io handled more than half, meaning the delisting removes USDP’s most visible venue rather than its deepest one. The delisting is staged: margin lending ends on 11 September, Binance Pay and pool services close on 16 September, Earn and copy-trading close on 17 September, and spot trading ends on 24 September. Deposits are credited until 25 September, and withdrawals remain open until 24 November at 03:00 UTC. After that, Binance may convert remaining USDP into an unspecified stablecoin at a rate it has not guaranteed.
Paxos continues to state that USDP remains redeemable one-for-one against the U.S. dollar, with reserves held entirely in cash and cash equivalents. However, the token’s exchange footprint is shrinking. Paxos previously lost BUSD after the New York Department of Financial Services ordered it to stop minting the stablecoin in February 2023, and the NYDFS later fined Paxos $26.5 million over compliance failures tied to that product. The Binance delisting further concentrates stablecoin activity around Tether’s USDT and Circle’s USDC, which together account for roughly 94% of major stablecoin circulating supply and about 85% of total stablecoin market capitalisation as of early September 2026.
Separately, PayPal, M0, and MoonPay have taken PYUSDx from a February preview to a live developer platform, announced on 9 September 2026. The stack lets companies issue custom on-chain dollars on top of PayPal USD rather than building reserve, issuance, and liquidity infrastructure from scratch. Three live issuers — Saturn, Concrete, and Cap — have processed more than $100 million in volume, with USD.AI and Fairblock next in line. M0 built the shared infrastructure, while MoonPay Digital Assets Limited issues the PYUSDx-layer tokens and holds the backing PYUSD. PYUSDx tokens are not PayPal or Paxos products and are not usable inside PayPal or Venmo wallets, but they are designed to stay convertible into PYUSD and other major dollar stablecoins.
The public launch positions PYUSD as an extensible stablecoin layer rather than a single payment asset. PayPal’s crypto general manager May Zabaneh said the next phase is less about the asset and more about what companies can build on it. Early products include Saturn’s USDat, a settlement token tied to a Bitcoin-backed credit setup; Concrete’s ConcUSD, a reward-bearing stable used inside an automated DeFi allocation stack; and Cap’s migration of a slice of cUSD onto PYUSDx. Regulatory treatment of PYUSDx tokens varies by jurisdiction and sits with each issuer, and users still have to understand they are holding a branded wrapper, not PYUSD itself.
