Paxos

On-chain AUM$5.178b

Platform totals

Live assets4

Chains59

DeFi TVL$487.28m

DeFi TVL / AUM9.41%

Confirmed attestations4 / 4

Primary accessPermissionless (4)

Totals for filtered assets

$5.104b

$5.178b

$487.28m

Assets Rankings

1d7d1m

Name		Marketcap			DeFi			Flows
Name
Paxos4 assets		$5.104b	$5.178b	+0.37%	$487.28m	9.55%	+12.35%

About Paxos

Paxos is a blockchain infrastructure company providing settlement and custody services, including the PAX stablecoin and RWA tokenization technology. It operates under NY charter as a trust company and specializes in regulated digital asset services.

USD StableFiat StablecoinsPermissionless

Website Docs Protocol page

Profile

Founded: 2012
Headquarters: New York, USA
Primary chain: Ethereum
Parent platform: Paxos
Issuer: Paxos Trust Company, LLC

Economics & revenue

Revenue confidenceIssuer-Disclosed

Attestations & milestones

Attestation frequency: Monthly
Last attestation: Monthly (Withum)

2025-12conversion to OCC national trust charter completed
2024-11Global Dollar USDG launches from Singapore with the Global Dollar Network
2024-07full MAS approval for Paxos Digital Singapore
2023-08PayPal USD launches, issued by Paxos
2023-02Paxos halts BUSD minting as directed by NYDFS

Revenue methodology & documents

Revenue model: Float Income + Custody Fees

Paxos earns float income on stablecoin reserves (invested in short-duration treasuries and bank deposits), plus institutional custody / brokerage fees. PAXG carries a small annual storage fee (~0.02% built into the spread). White-label stablecoin issuance is a significant revenue line (PayPal USD, Mastercard partnerships).

Issuer registry, regulation & leadership

Founders and leadership

Charles Cascarilla — Co-Founder, CEO

Issuer registry

Paxos Trust Company, LLC (New York; NYDFS-chartered trust). Founded 2012 by Charles Cascarilla and Rich Teo. Issuer of PAXG (gold-backed), USDP (Paxos Standard), and historically BUSD (Binance USD, discontinued Feb-2024 by NYDFS order). PayPal's USDC custody partner. Backed by Oak Hill Capital, Founders Fund, Mithril.

Regulatory status

Received the first NYDFS limited purpose trust charter for digital assets in 2015 and completed conversion to Paxos Trust Company N.A. under OCC supervision in December 2025. Paxos Digital Singapore Pte. Ltd. holds full MAS approval as a major payments institution (July 2024) and issues USDG from Singapore, with an EU entity issuing USDG under MiCA and a UAE authorization as its third issuance market.

Entity structure

Paxos Trust Company N.A. is the US regulated entity issuing PYUSD, USDP and PAXG and managing legacy BUSD reserves. Paxos Digital Singapore issues USDG under MAS oversight and a European entity issues USDG under MiCA. Paxos also operates Paxos Labs and the acquired Fordefi custody business.

Issuer source