On September 10, Binance announced that starting September 24 at 03:00 UTC it will stop trading Pax Dollar (USDP) on the spot market. This marks the beginning of a phased shutdown that will affect deposits, withdrawals, margin positions, and a number of other exchange services. All pending orders will be automatically cancelled, and trading bot services tied to the affected pairs will be terminated.
The first restrictions take effect on September 11 at 03:00 UTC: USDP and related pairs will disappear from One-Click Buy and Sell. At 06:00 UTC on the same day, isolated and cross-margin lending will be suspended. Support for USDP in Binance Pay and Binance Pool will end on September 16 at 03:00 UTC, with the mining pool calculating final accruals the following day. At 07:00 UTC on September 16, Flexible-rate lending and VIP Loan will stop accepting USDP as a borrowing and collateral asset. At 10:00 UTC on the same day, USDP margin trading will be halted: pending orders will be cancelled and isolated margin positions settled. Binance Earn will remove USDP on September 17 at 07:00 UTC. Flexible and fixed-term positions will be redeemed automatically, with principal and rewards credited to spot wallets. Spot copy trading will remove USDP pairs earlier — on September 17 at 03:00 UTC. Open assets may be sold at market prices, and non-liquidatable ones transferred to a spot account. Support for USDP in Dual Investment is also being discontinued: new subscriptions are unavailable, unsettled ones will be redeemed early, and assets along with rewards will be credited within four hours.
Small-balance conversion will remove USDP on September 23 at 02:00 UTC, and Binance Convert on September 24 at 02:00 UTC, one hour before spot trading ends. Gift Card closes together with the spot market. Deposits will stop being credited on September 25 at 03:00 UTC: a transfer arriving after this deadline may remain uncredited even if confirmed by the blockchain. USDP withdrawals will be available until November 24 at 03:00 UTC. This gives users approximately two months after the spot market closes. Binance may convert remaining balances into another stablecoin starting November 25 at 03:00 UTC, but does not guarantee the rate and has not named the replacement asset. The company promises a separate notification before the conversion begins.
Paxos, the issuer of USDP, states that each token is backed by a US dollar and available for redemption. Reserves are held in cash and cash equivalents, client assets are segregated from company funds and kept in bankruptcy-remote accounts. USDP operates on Ethereum and Solana. The asset was previously known as Paxos Standard. Binance's decision concerns the exchange's services, not USDP as a whole.