Would the real USDP [1]please stand up?

   Last month, Paxos, the issuer of
   the [2]seventh-largest [3]stablecoin in the $2 trillion global
   cryptocurrency market, renamed the token, previously called the Paxos
   standard, to the Paxos dollar. As part of the rebranding, the crypto
   exchange [4]changed the ticker symbol from PAX to USDP.

   There was one hitch: Another stablecoin was already using the ticker.

   Unit Protocol, a decentralized lending platform that went live in
   February, had been calling its token USDP since at least July of last
   year, when it published a [5]white paper. For a hot minute it seemed
   the plucky team was not about to let a bigger rival use the four-letter
   identifier without a fight.

   “We are currently disputing Paxos’ trademark application for USDP,”
   Benjamin Meredith, a representative for Unit Protocol, told CoinDesk on
   Aug. 27.

   To show that the original USDP was a known quantity in the market,
   Meredith pointed to [6]blockchain data indicating that 138 million
   units of the token had been minted, each worth just under $1. He also
   shared writeups on the market data
   sites [7]CoinGecko and [8]CoinMarketCap as further evidence this
   stablecoin was an established asset – even if the Paxos stablecoin’s
   market cap was 7.5 times larger.

   As of this writing, however, no formal objection was filed with the
   U.S. Patent and Trademark Office. In a later email, Meredith said the
   Unit Protocol team decided to first talk to a Paxos executive. Still
   later, he said the call didn’t happen.

   “We’re just going to go along our merry way for the time being,”
   Meredith said.

   Paxos, for its part, seemed unwilling to budge when contacted by
   CoinDesk. “It’s common for projects to share tickers in the
   cryptocurrency space,” said Paxos spokesperson Becky McClain. “There
   are dozens of instances of shared qtickers or tickers that share letter
   strings, and we feel confident these uses are distinguishable and
   coexist without confusion for consumers.” She did not answer a
   follow-up question about whether Paxos checked if the ticker was
   already in use before choosing it.

   This anticlimactic tale highlights an issue that has come up a handful
   of times in crypto and may do so more often in the future as the
   industry grows. Without a standard for exchanges to assign identifiers,
   investors are apt to get confused.

   “Tickers are designed to make assets instantly recognizable to clients,
   so it’s important each ticker refers to a single asset,” said Kevin
   Beardsley, lead product manager for pro trading at the Kraken exchange.
   “However, two projects sometimes claim the same symbol, and the winner
   is mostly decided de facto by the community.”

   [9]https://www.coindesk.com/markets/2021/09/05/crypto-long-short-the-tr
   ouble-with-ticker-symbols/

References

   1. https://en.wikipedia.org/wiki/To_Tell_the_Truth#Basic_rules
   2. https://www.coingecko.com/en/stablecoins
   3. https://www.coindesk.com/markets/2020/12/29/what-is-a-stablecoin/
   4. https://www.coindesk.com/markets/2021/08/24/paxos-renames-standard-stablecoin-as-pax-dollar/'
   5. https://github.com/unitprotocol/protocol_docs/blob/master/unit_wp.pdf
   6. https://etherscan.io/tx/0x381ec163ca4031a142a79e86f9218b3b2e6a56e591b5a1962084f778ae1c624b
   7. https://www.coingecko.com/en/coins/usdp
   8. https://coinmarketcap.com/currencies/usdp/
   9. https://www.coindesk.com/markets/2021/09/05/crypto-long-short-the-trouble-with-ticker-symbols/