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FollowingBinance will remove Pax Dollar (USDP) on September 24.
Binance announced that it will officially remove Pax Dollar (USDP) at 03:00 UTC on September 24, 2026. At that time, all spot transactions involving USDP will be terminated and all outstanding orders for affected trading pairs will be automatically cancelled. Since support for services such as margin trading, Simple Earn, recharge and withdrawal will also end at different time points, holders need to pay close attention to the specific deadline of each service.
Reasons and Background for Removal
Binance said that this decision was made based on its regular review process. The process aims to assess whether listed assets continue to meet the strict requirements of exchange operations and market standards. Although Binance did not identify any single violation or incident that directly led to the removal of the USDP, the review covered transaction volume, liquidity, development activity, cybersecurity, project transparency, token economics, legal compliance, and community sentiment and other dimensions.
USDP is a dollar-linked stablecoin issued by regulated blockchain and financial infrastructure company Paxos. In markets dominated by giants such as USDT and USDC, USDP has long existed as a regulated alternative. Therefore, Binance's decision is a platform-level evaluation and does not represent a confirmation that the USDP has lost US dollar support. As of now, Paxos has not announced that it will stop supporting the stablecoin or suspend established redemption arrangements.
Offline Schedule for Various Services
Binance will gradually stop supporting multiple services for USDP through a phased schedule. The specific arrangements are as follows:
- Trading cryptocurrency services: The platform will stop supporting USDP through the "Buy and Sell Crypto" service until spot trading is terminated.
- Margin trading: Starting from 06:00 UTC on September 11, 2026, USDP will no longer be used as eligible collateral for margin trading. Customers holding relevant open positions should check their accounts and transfer the corresponding balances during this period to avoid losses after Binance starts the planned settlement process.
- Simple Earn: Support will end on September 17, 2026. At that time, the remaining positions will be automatically redeemed and transferred to the user's spot account.
- Recharge Service: Starting from 03:00 UTC on September 25, 2026, Binance will stop receiving USDP recharges. Tokens deposited after this deadline may not reach the customer's account, so it is important to pay close attention to the schedule.
- Withdrawal Service: The standard withdrawal function will remain open until 03:00 UTC on November 24, 2026, providing sufficient time for holders to transfer their USDP assets.
It is worth noting that starting from November 25, 2026, Binance may convert the remaining USDP balance into other stablecoins, but the exchange does not guarantee certain conversion. If conversion is not available, users may still retain withdrawal rights, but this depends on network conditions and technology availability.
Market Impact Analysis
Losing Binance's support could reduce USDP's market accessibility, as large exchanges often provide critical liquidity and convenient exchange channels. The development of stablecoins is highly dependent on extensive exchange availability, reliable redemption channels, market depth, and integration across the financial services sector. As a result, the removal could lead to more trading activity flowing to major alternatives such as Tether's USDT or Circle's USDC.
However, this removal does not mean that Paxos lacks reserves, nor does it mean that the USDP no longer maintains its expected pegged exchange rate. It is recommended that the USDP held by Binance users must review each of the above-mentioned deadlines, as each affected service will stop supporting the stablecoin at a different time.
