How Safe is the Pax Dollar (USDP)?

On 30 June 2023, backed Pax Dollar with Total Cash Deposits with a current market and notional position value of $195.798 million, Paxos reports. They kept around $185.5 million of that cash in FDIC insured placement networks (bank accounts) and $10.298 million of that cash in other deposits and insured depository institutions.