Paxos
Headquarters
New York, NYFounded
2012CEO / Founder
Charles CascarillaEmployees
501-1000Funding
Series D — $540MProducts
1 product listedAvg. AI Score
7.8/10Website
www.paxos.com
Profile updated
About Paxos
Paxos is a regulated blockchain infrastructure company founded in 2012 in New York by Charles Cascarilla and Rich Teo. The company issues and manages stablecoins, including PayPal USD and prior BUSD, and provides tokenization and digital asset services to major financial institutions.
Paxos is regulated as a New York State Trust Company and serves customers including PayPal, Mastercard, Mercado Libre, and Interactive Brokers.
The company has raised approximately $540 million, including a $300 million Series D in 2021 at a $2.4 billion valuation. Charles Cascarilla serves as CEO.
Specialties
Financials
Dated, source-cited figures. Estimates are marked.
Products by Paxos
All products by Paxos reviewed by our AI panel of experts.
How Our Review Panel Scores Paxos
Six independent reviewer personalities assessed Paxos's product on their own terms. They disagreed by 1.1 points — The Finance Lead was the hardest to convince, The Domain Strategist the most positive.
Averaged across 1 reviewed product in our catalog. Scores are out of 10.
Competitive Landscape
Who Paxos competes with, and how they differ.
Circle issues USDC, the dollar stablecoin Paxos's PYUSD/USDG/USDP compete against directly; Circle is publicly listed (NYSE: CRCL) and much larger by circulating supply, while Paxos differentiates on white-labeling stablecoin issuance for partners like PayPal and the Global Dollar Network.
Tether's USDT remains the largest stablecoin by market cap but has faced recurring reserve-transparency criticism; Paxos competes on the opposite pitch of NYDFS-regulated reserves and monthly attestations.
Anchorage Digital holds a US OCC trust charter and competes for the same regulated institutional custody and tokenization mandates as Paxos Trust Company, though it does not issue a major consumer stablecoin of its own.
Fireblocks sells the MPC custody and wallet infrastructure banks and fintechs use to move digital assets, overlapping Paxos's enterprise blockchain-infrastructure business without Paxos's own trust-chartered stablecoin issuance.
Company Timeline
Key milestones in Paxos's history, with sources.
- Milestone
NYDFS settlement — $48.5M over Binance-related AML failures
Paxos Trust agreed to pay New York regulators $48.5 million (a $26.5M penalty plus a $22M compliance investment) to resolve findings that it failed to adequately vet Binance and monitor BUSD-related transactions for money laundering.
fintechweekly.com - Launch
Launched Global Dollar Network (USDG) with Robinhood, Kraken and others
Paxos introduced the Global Dollar (USDG) stablecoin and, with Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei and Robinhood, launched the Global Dollar Network to share reserve yield with distribution partners.
coindesk.com - Partnership
Became issuer of PayPal USD (PYUSD)
Paxos Trust Company became issuer of PayPal USD (PYUSD), the first dollar stablecoin from a major U.S. financial firm, making PayPal a major distribution partner.
prnewswire.com - Milestone
NYDFS orders Paxos to stop minting BUSD
New York's Department of Financial Services ordered Paxos to cease minting new Binance USD (BUSD) tokens, citing unresolved oversight issues with its Binance relationship; Paxos ended the partnership.
cnbc.com - Funding
Series D — $300M led by Oak HC/FT, $2.4B valuation
Paxos closed a $300 million Series D round led by Oak HC/FT at a $2.4 billion valuation, taking total funding raised above $500 million.
paxos.com - Funding
Series C — $142M led by Declaration Partners
Paxos raised $142 million in a Series C round led by Declaration Partners, with PayPal Ventures and Mithril Capital also participating, bringing funding to date above $240 million.
theblock.co - Launch
Launched Paxos Standard (PAX) stablecoin
Paxos launched Paxos Standard (PAX), an NYDFS-regulated, dollar-collateralized stablecoin later rebranded Pax Dollar (USDP).
paxos.com - Milestone
itBit becomes first NYDFS-chartered virtual currency trust company
Paxos's predecessor itBit Trust Company received the first virtual-currency trust charter issued by the New York State Department of Financial Services, shortly after raising $25 million.
techcrunch.com
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