Paxos is a regulated financial infrastructure company that uses blockchain technology to tokenize, custody, and settle assets. Founded in 2012 by Charles Cascarilla and Rich Teo, Paxos operates as a New York-regulated trust company and holds a number of state and federal approvals, making it one of the most heavily regulated companies in the digital asset space.

Paxos is a major stablecoin issuer, operating multiple dollar-backed tokens for different partners and use cases. In 2023, Paxos partnered with PayPal to issue PayPal USD (PYUSD), the first stablecoin launched by a major payments company. Paxos also issues Pax Dollar (USDP), its own regulated stablecoin. Previously, Paxos issued Binance USD (BUSD) until the New York Department of Financial Services directed it to cease new BUSD minting in early 2023.

Beyond stablecoins, Paxos provides enterprise blockchain infrastructure for tokenizing and settling traditional assets. The company operates Paxos Settlement Service, which enables same-day settlement of US-listed securities on blockchain rails, used by large broker-dealers to improve post-trade efficiency. Paxos also offers commodity tokenization, including PAX Gold (PAXG), a token backed by allocated gold bars stored in London vaults.

Paxos is headquartered in New York City and has obtained regulatory approvals in the US, Singapore, and other jurisdictions. The company has raised over $500 million in venture funding from investors including Oak HC/FT, Declaration Partners, and PayPal Ventures.

Key Products

• PayPal USD (PYUSD) — Stablecoin issued for PayPal, available on Ethereum and Solana
• Pax Dollar (USDP) — Paxos’s own regulated, dollar-backed stablecoin
• PAX Gold (PAXG) — Token backed by allocated physical gold
• Paxos Settlement Service — Blockchain-based settlement for US equities
• Stablecoin-as-a-Service — White-label stablecoin issuance platform for enterprises

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