Paxos USDP Transparency Report for March: Total outstanding tokens dropped to approximately $147 million, a decrease of more than $55 million from the previous month
Paxos officially released the March Pax Dollar (USDP) transparency report, which disclosed the unaudited financial data of USDP as of 06:00 on March 30, Beijing time, mainly including: 1. The total outstanding tokens (Total Tokens Outstanding) are approximately 147,984,690 U.S. dollars, a decrease of $55,066,421 from February 2024; 2. The current market value of the collateral provided by the total U.S. Treasury collateralized reverse repurchase agreement is $20,449,082, and the notional position value is $20,048,000; 3. Cash deposits through the FDIC deposit network are $125,674,956, subject to Other cash deposits with depository institutions are approximately US$125,674,956; 4. The current market value of the collateral provided for the total net assets is US$149,191,905, and the nominal position value is US$148,790,824. Paxos said a U.S. Treasury reverse repurchase agreement is a contractual arrangement between two parties in which one party agrees to sell a security to another party at a specified price and promises to buy the security back later at another (usually higher) specified price. If a counterparty defaults, Paxos is able to liquidate U.S. Treasury collateral to cover losses, and since all trades are overcollateralized, the risk of loss is not considered material.
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