Paxos

What Paxos does

Paxos is a privately held, federally regulated blockchain infrastructure company founded in 2012 and headquartered in New York, operating through multiple regulated entities including Paxos Trust Company, N.A. (OCC), Paxos Global Pte. Ltd. (MAS), Paxos Digital Singapore Pte. Ltd., and Paxos Issuance Europe Oy (MiCA). It provides enterprise-grade crypto-as-a-service — combining qualified custody, crypto brokerage, stablecoin issuance, and stablecoin payments — to financial institutions, brokerages, payment companies, and asset managers that embed Paxos infrastructure under their own brands. Major enterprise customers include PayPal (PYUSD issuance powering 400M+ PayPal/Venmo accounts and 35M+ merchants), Interactive Brokers (100,000+ funded accounts in year one), Charles Schwab (sub-custody and execution for Schwab Crypto across 39M brokerage accounts), Mercado Libre (1M+ wallet users in 60 days), and Mastercard, with the platform distributed across 100+ countries via the itBit institutional exchange.

Paxos issues and operates multiple regulated stablecoins and tokenized assets, including Global Dollar (USDG), PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG), each fully backed 1:1 by segregated, bankruptcy-remote reserves under OCC, NYDFS, MAS, FIN-FSA, and MiCA oversight, with cumulative tokenization activity exceeding $180 billion since 2018. The core technology stack is API-first and multi-chain (Ethereum, Solana, Polygon), featuring smart order routing for the Crypto Brokerage venue, MPC-based self-custody wallets via the November 2025 Fordefi acquisition, the recently launched Paxos Securities Settlement Company (PSSC) — the first SEC-registered blockchain-native clearing agency — and the spun-out Paxos Labs Amplify Suite (Earn, Borrow, Mint) for programmable DeFi integration.

Revenue is generated through a combination of reserve management fees on stablecoin balances (USDG, PYUSD, USDP, PAXG), transactional take rates on brokerage and payment flows (e.g., 75 bps per trade on Schwab Crypto; flat-rate itBit exchange fees; OTC desk economics above $100K), enterprise implementation and integration fees, shared economics with Global Dollar Network distribution partners, and minor subscription/dormancy fees. Go-to-market is primarily OEM/white-label into partner platforms supported by API-first self-serve developer onboarding, direct enterprise sales, and distribution partnerships, with 14 open roles and a remote-first workforce of 101-250 employees across the U.S., U.K., Europe, and Asia.

Name

Paxos

Legal name

Paxos Trust Company, N.A.

Website

https://paxos.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

251–500 employees

Short description

Paxos is a federally regulated blockchain infrastructure platform (founded 2012, NYC) that provides crypto brokerage, qualified custody, stablecoin issuance (PYUSD, USDG, USDP, PAXG), and stablecoin payments to enterprises such as PayPal, Charles Schwab, Interactive Brokers, and Mercado Libre under multiple global regulatory charters.

Ownership category

akta.pro rank

Product category

Blockchain Infrastructure

NAICS

Securities and Commodity Exchanges (5232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)

akta.pro primary industry

Centralized Crypto Exchanges (CEX) (FSAPADAA)

akta.pro secondary industries

Digital Asset/Crypto Trade Execution Platforms (FSAFANAO), On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury) (FSAGAMAD), Crypto Custody & Exchange Wallet Services (Integrated) (FSADAAAG), Crypto Merchant Acquirers & PSPs (Payment Service Providers) (FSADAIAB)

Keywords

• Stablecoin issuance
• Crypto brokerage services
• Qualified digital asset custody
• Stablecoin payment infrastructure
• Blockchain clearing settlement

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Reserve Management Fees: Monthly fees applied to fiat holdings and reserves backing Paxos-issued stablecoins (USDG, PYUSD, USDP, PAXG). Per terms: "We will apply a fee to reserves backing USD Stablecoins... determined by an appropriate market rate."
2. Stablecoin Payment Platform Fees: Transaction-based fees for stablecoin acceptance and payouts via the Paxos Payment Platform; merchant cost optimization vs. cards/wallets.
3. Crypto Brokerage / Custody Services: Crypto-as-a-service infrastructure with qualified custody, licensing, and trading sold to enterprise customers; includes digital asset insurance and 25+ brokerage assets listed.
4. Stablecoin Issuance & White-Label Minting: Shared earnings and revenue-share on balances held in stablecoins issued and distributed via Paxos infrastructure; customized branded stablecoin issuance for partners.
5. itBit Exchange Trading Fees: Flat-rate fees per transaction on the itBit institutional exchange; maker rebates available to liquidity providers; supports OTC desk for trades over $100K.
6. Professional Services & Integration Fees: Implementation and integration fees for enterprise customers; example: Charles Schwab charges 75 bps per trade on Paxos-powered crypto offering (Paxos acts as sub-custodian and execution layer).
7. Account Maintenance / Dormancy Fees: $2.00 monthly charge on non-zero-balance accounts with no purchase/redemption activity for 12 months or longer.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels9 records

Core offering

Paxos provides regulated blockchain infrastructure for enterprises, combining Crypto Brokerage (qualified custody, trading, and licensing-as-a-service), Stablecoin Issuance (USDG, PYUSD, USDP, PAXG plus white-label issuance), Stablecoin Payments (API for global acceptance and payouts), and the itBit institutional crypto exchange. Its SEC-registered Paxos Securities Settlement Company (PSSC) enables blockchain-native T+0 equity clearing, while the Fordefi acquisition extends the platform into MPC wallet and Web3 custody for institutional clients.

Product overview

Paxos operates a regulated blockchain infrastructure platform combining enterprise products across a stablecoin issuance layer, a custody and brokerage layer, and a payments layer. At its core, the Crypto Brokerage platform delivers qualified custody, trading, and licensing for partners including PayPal, Interactive Brokers, Mastercard, and Mercado Libre. Paxos-issued stablecoins — Global Dollar (USDG), PayPal USD (PYUSD), Pax Dollar (USDP), Pax Gold (PAXG), and the legacy BUSD — are issued through the Stablecoin Issuance module and accessed directly via Mint and Redeem infrastructure. Stablecoin Payments is the API-first payments platform enabling acceptance and payouts of USDG, PYUSD, USDP, and USDC across Ethereum and Solana. Institutional clients trade on the itBit Trading Platform with FIX 4.2, REST, and WebSocket APIs. Paxos Securities Settlement Company (PSSC) extends the platform into traditional finance as an SEC-registered clearing agency for blockchain-based equity settlement. Acquired Fordefi extends custody into MPC wallet infrastructure for institutional Web3 access, while Paxos Labs' Amplify suite (Earn, Borrow, Mint) layers additional yield, lending, and stablecoin issuance capabilities onto the platform.

Differentiator

Problem solved

Functional benefit

Brands

• Pax Dollar (USDP): US dollar-backed stablecoin fully backed 1:1 by US Dollars, issued by Paxos Trust Company, N.A. Available on Ethereum and Solana.
• PayPal USD (PYUSD)
• Global Dollar (USDG)
• Pax Gold (PAXG)
• itBit
• Fordefi by Paxos
• Paxos Labs

Products and services

• Crypto Brokerage Enterprise crypto-as-a-service platform providing qualified custody, licensing, and trading capabilities for financial institutions and large platforms embedding crypto services under their own brands. Assets are held in bankruptcy-protected accounts and the platform supports 25+ brokerage assets.
• Stablecoin Payments API-first payment platform enabling businesses to accept stablecoin payments and send payouts globally, with on-ramp, accept, convert, and payout flows supporting USDG, PYUSD, USDP, and USDC across Ethereum and Solana.
• Stablecoin Issuance End-to-end infrastructure for enterprises to launch, manage, and scale regulated stablecoins, including fully-custom branded stablecoins, integration of existing assets, or joining the Global Dollar Network. Backed by $180B+ in tokenization activity since 2018.
• Mint and Redeem Direct institutional access to Paxos-issued USDG and PYUSD with zero minting/redeeming fees, unlimited liquidity, and 1:1 redemption through segregated accounts.
• itBit Trading Platform Crypto asset trading venue for institutional investors under OCC oversight with fiat-to-crypto liquidity across 100+ countries, advanced blockchain monitoring, SOC 2 Type 2 certification, FIX 4.2, REST and WebSocket APIs, maker rebates, and an OTC desk for trades over $100K.
• Global Dollar (USDG) Premier global stablecoin pegged 1:1 to USD, jointly issued by Paxos Digital Singapore and Paxos Issuance Europe, fully backed by segregated cash and cash-equivalent reserves with monthly attestation reports and MiCA compliance.
• PayPal USD (PYUSD) PayPal's stablecoin issued by Paxos Trust Company N.A., designed for payments, available on Ethereum and Solana, backed 1:1 by US dollar deposits, US Treasuries, and cash equivalents under OCC oversight.
• Pax Dollar (USDP) USD-backed stablecoin fully backed 1:1 by US dollar reserves held in segregated bankruptcy-remote accounts, with strict OCC regulatory oversight and ready for GENIUS Act requirements; available on Ethereum and Solana.
• Pax Gold (PAXG) Gold-backed digital token where each token represents one fine troy ounce of London Good Delivery gold stored in LBMA vaults in London; redeemable for LBMA-accredited gold bullion, unallocated Loco London Gold, or USD. Zero on-chain transfer fees.
• BUSD Previously issued USD-backed stablecoin. Paxos no longer mints new BUSD but allows customers to redeem BUSD for USD or convert BUSD to USDP.
• Paxos Securities Settlement Company (PSSC) SEC-registered clearing agency and central securities depository providing blockchain-based clearing and settlement for eligible US equities with T+0 delivery-versus-payment settlement.

Quantifiable outcome

• $180B+ in tokenization activity since 2018
• +6 more outcomes

Named customers20 records

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature8 records

Partnerships

22 partnerships are on record, tiered minor, core and flagship.

• MeshminorStrategic or Co-development Partner · 2 June 2026Mesh joined Paxos' Global Dollar Network and launched Mesh Wallet for AI agent transactions; also partnered with Circle, Kalshi, RedotPay, and Rain on the Mesh Alliance Program (MAP).
• House of Doge (Dogecoin Foundation)coreStrategic or Co-development Partner · 1 June 2026Strategic partnership to integrate Dogecoin (DOGE) across Paxos' enterprise-grade crypto brokerage and custody infrastructure. DOGE will be available for distribution through Paxos' enterprise client network including PayPal, Venmo, Interactive Brokers, and Mercado Libre, potentially reaching hundreds of millions of users across 150+ countries.
• ConfirmominorChannel Partner/ Reseller/ Distributor · 12 May 2026Partnership with Paxos to offer fully compliant stablecoin deposits, payouts, and custody services to businesses across all 50 U.S. states. Confirmo has dual MiCA and PI licenses with EEA passporting rights.
• OKX Agent Payments ProtocolcoreStrategic or Co-development Partner · 30 April 2026Paxos signed on as day-one partner of OKX's Agent Payments Protocol (APP), an open standard for AI agent-driven commerce enabling quoting, payments, escrow, and settlement across multiple blockchains. Backers include AWS, Alibaba Cloud, Ethereum Foundation, Solana, Uniswap, MoonPay.
• Banking CirclecoreChannel Partner/ Reseller/ Distributor · 27 April 2026Banking Circle launched stablecoin settlement services supporting Circle's USDC, Paxos's USDG, and Banking Circle's EURI euro stablecoin, following receipt of a CASP licence from Luxembourg. Banking Circle facilitates over $1.7 trillion annually across 750+ payment companies.
• WintermuteminorChannel Partner/ Reseller/ Distributor · 24 April 2026Wintermute launched an institutional trading desk for PAX Gold (PAXG) and XAUT tokens. The firm projected the tokenized gold market could grow to $15 billion by end of 2026.
• Charles SchwabflagshipOEM/ Whitelabel/ Licensing Partner · 16 April 2026Paxos is the sub-custodian and trade execution provider for Charles Schwab's Schwab Crypto spot trading platform launched April 16, 2026. Serves 39M brokerage clients with $12T+ in client assets; 75 bps per trade pricing; initial support for BTC and ETH. Charles Schwab Premier Bank, SSB acts as primary custodian.
• Paxos LabscoreStrategic or Co-development Partner · 15 April 2026Paxos Labs is an incubated spin-off of Paxos that raised $12M led by Blockchain Capital with participation from Robot Ventures, Maelstrom, and Uniswap Labs. The lab launched Amplify Suite (Earn, Borrow, Mint modules) and has customers including Hyperbeat, Aleo, and Toku.
• WavebridgecoreChannel Partner/ Reseller/ Distributor · 30 March 2026Wavebridge joined Paxos Global Dollar Network as Korea's first institutional partner; will launch custody services and later minting/redemption capabilities for USDG stablecoin.
• Solana Developer PlatformcoreTechnology or Integration · 24 March 2026Paxos announced a strategic partnership with Solana Developer Platform (SDP) to enhance enterprise stablecoin solutions. The collaboration focuses on stablecoin issuance, global orchestration, and institutional self-custody wallets for financial institutions and enterprises.
• Aon (Insurance)minorStrategic or Co-development Partner · 13 March 2026Aon completed a pilot of stablecoin insurance premium payments with Coinbase and Paxos using USDC on Ethereum and PYUSD on Solana; first known stablecoin insurance premium payment.
• MastercardflagshipGTM or Marketing Partner · 11 March 2026Mastercard Crypto Partner Program participant (85+ firms) includes Paxos. Mastercard added Paxos-issued PYUSD to its settlement options alongside USDC, RLUSD, SoFiUSD across Arbitrum, Base, Canton, Ethereum, Polygon, Solana, Tempo, XRPL. Settlement fees reduced from 3-7% to ~0.5-1.5%.
• Mastercard Crypto Partner ProgramcoreGTM or Marketing Partner · 10 March 2026Paxos joined Mastercard's Crypto Partner Program alongside 85+ firms including Binance, Circle, Ripple, PayPal, Gemini, MoonPay, and blockchain networks Solana, Avalanche, Aptos, Polygon. Program targets enterprise use cases such as cross-border remittances, B2B transfers, payouts, and settlement.
• FordefiflagshipStrategic or Co-development Partner · 25 November 2025Paxos acquired Fordefi (Israeli institutional wallet technology provider) for over $100M in November 2025. Fordefi develops MPC wallet technology and serves nearly 300 financial institutions; recent investment of $28M prior to acquisition. Now branded "Fordefi by Paxos" and integrated into Paxos' custody infrastructure for digital asset and Web3 services.
• Interactive BrokersflagshipOEM/ Whitelabel/ Licensing Partner · 1 May 2023Paxos provides crypto trading, custody, and settlement infrastructure for Interactive Brokers. Launched May 2023 and onboarded over 100,000 funded accounts in its first year. Supports crypto portfolio transfers without liquidation via Paxos and ZeroHash as custodians.
• PayPalflagshipStrategic or Co-development Partner · 1 January 2023Paxos issues PYUSD (PayPal USD) stablecoin for PayPal. PayPal USD is available to PayPal and Venmo users across 70+ international markets (expanded March 2026). Paxos powers crypto services for PayPal's 400M+ active accounts and 35M+ merchants, processing over $1.2 trillion annually. Partnership includes custody, trading, and brokerage infrastructure for PayPal's crypto offering.
• Mercado LibreflagshipOEM/ Whitelabel/ Licensing Partner · 1 January 2023Mercado Libre's crypto wallet reached 1M+ users in 60 days using Paxos infrastructure; Paxos powers the brokerage and custody layer for Mercado Libre's wallet offering in Brazil.
• Venmo (PayPal)flagshipOEM/ Whitelabel/ Licensing PartnerPYUSD stablecoin issued by Paxos is available on Venmo for purchase, sale, sending to compatible external wallets, and transfers between Venmo and PayPal users.
• PolygoncoreTechnology or IntegrationPaxos processed over $1.3B in stablecoin transactions on Polygon, a 50x increase within 12 months, using its stablecoin payment platform with sub-cent fees.
• RobinhoodminorChannel Partner/ Reseller/ DistributorPAX Gold available for purchase via Robinhood Markets for retail investors seeking gold exposure through crypto accounts.
• CoinbaseminorChannel Partner/ Reseller/ DistributorPAX Gold and Paxos-issued stablecoins tradeable on Coinbase Global. Partner in Aon stablecoin payment pilot.
• Avalanche Payments CollectiveminorStrategic or Co-development PartnerPaxos is a founding participant of the Avalanche Payments Collective launched with 28 financial institutions including Franklin Templeton, VanEck, Paxos, and Anchorage Digital to enhance blockchain payment capabilities.

Scale indicators15 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Circle Internet Group: Circle is the most direct competitor: a US-regulated stablecoin issuer of USDC (the largest USD stablecoin), with comparable multi-jurisdiction regulatory positioning, enterprise APIs, and reserve-backed economics. Circle and Paxos both issue white-label stablecoins, serve enterprise payments, and pursue bank-grade regulatory status.
• Gemini Trust Company: Gemini is a US-regulated crypto exchange and custodian that issues its own regulated stablecoin (GUSD). Comparable to Paxos in its NYDFS trust-company roots, regulated stablecoin issuance, and institutional crypto brokerage focus, though smaller in distribution and partner network.
• Anchorage Digital: Anchorage is the first OCC-chartered national digital asset bank, offering qualified custody, trading, and staking for institutions. Comparable to Paxos on regulatory positioning (OCC trust bank) and institutional crypto services, with overlapping institutional clientele.
• BitGo: BitGo is a leading institutional qualified custodian for digital assets, offering custody, trading, lending, and staking. Comparable to Paxos in its crypto-as-a-service and qualified custody focus, with similar enterprise API-first positioning.
• Fireblocks: Fireblocks provides institutional MPC wallet infrastructure, custody, and tokenization services. Directly comparable to Paxos's post-Fordefi acquisition MPC wallet capabilities, serving institutional and Web3 clients with secure custody and settlement.

Broad incumbents

• Coinbase: Coinbase is the largest US publicly traded crypto exchange, offering custody (Coinbase Custody), trading, and stablecoin distribution. It is a Paxos partner (lists PAXG, participated in Series D) but also a competitor in retail crypto brokerage and qualified custody for institutions.
• Tether: Tether is the largest stablecoin issuer by volume (USDT). While Paxos and Tether compete in USD-backed stablecoin issuance, Tether's regulatory posture (offshore, non-US licensed) is fundamentally different from Paxos's regulated US/EU/Singapore model, positioning them in different market segments.
• DTCC: DTCC is the dominant US securities clearing and settlement infrastructure (through subsidiaries NSCC and FICC). Paxos's PSSC subsidiary directly competes with DTCC in post-trade clearing for equities, positioning Paxos as a blockchain-native alternative for T+0 settlement.

Emerging players

• Ripple (RLUSD): Ripple has launched its own US-regulated stablecoin (RLUSD) and pursues institutional cross-border payments via the XRP Ledger. Comparable to Paxos in regulated stablecoin issuance and enterprise payment rails, though Ripple's primary business remains XRP-based correspondent banking.
• Ondo Finance: Ondo Finance is a tokenized real-world asset (RWA) platform offering tokenized US Treasuries and yield products. Comparable to Paxos Labs' Amplify suite in offering yield-bearing digital asset products to enterprises, with overlapping institutional investor interest in tokenized finance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/paxosglobal
• Facebookfacebook.com/paxosglobal
• LinkedInlinkedin.com/company/paxos

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries8 records

Funding overview

Funding rounds7 records

Investors23 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments21 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Paxos