What is Paxos Dollar?

Could you please explain what Paxos Dollar is? I've heard about it in the context of cryptocurrency and finance, but I'm not entirely clear on its purpose and how it works. Is it a type of stablecoin? If so, how does it maintain its value? Also, who is Paxos and what role do they play in the Paxos Dollar ecosystem? I'm interested in learning more about this topic and how it fits into the broader cryptocurrency landscape.