Paxos USDP March Transparency Report: Total outstanding tokens dropped to approximately $147 million, a decrease of more than $55 million from the pr

Paxos officially released the March Pax Dollar (USDP) transparency report, which disclosed unaudited financial data of USDP as of 06:00 on March 30th Beijing time, mainly including:1. The total amount of outstanding tokens is about $147,984,690, a decrease of $55,066,421 from February 2024;2. The total amount of US Treasury repurchase agreements providing collateral with a current market value of $20,449,082, and a nominal position value of $20,048,000;3. Cash deposits of $125,674,956 through the FDIC deposit network, and other cash deposits held by preserving institutions of about $125,674,956;4. The current market value of the total net assets provided as collateral is $149,191,905, and the nominal position value is $148,790,824.Paxos stated that the US Treasury reverse repurchase agreement is a contractual arrangement between two parties, in which one party agrees to sell securities to the other party at a designated price and promises to buy back the securities at another (usually higher) designated price later. If the counterparty defaults, Paxos can liquidate the US Treasury collateral to offset the loss, and since all transactions are over-collateralized, the risk of loss is not considered significant.