Paxos
On-chain AUM$5.382b
Platform totals
Live assets4
Chains59
DeFi TVL$305.97m
DeFi TVL / AUM5.69%
Confirmed attestations4 / 4
Primary accessPermissionless (4)
Totals for filtered assets
4
$5.289b
$5.382b
$305.97m
3
| Name | Asset Group | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Global DollarUSDG | Fiat Currencies | $1 | $3.297b | $3.312b | $277.87m | 8.43% | Paxos | Fiat Stablecoins | USD Stable | Permissionless | Asset | RWA | Paxos Digital Singapore Pte. Ltd. | Yes | Yes | Yes | Yes | Yes | Yes | |||
 PAX GoldPAXG | Precious Metals | $4,649.52 | $1.927b | $2.004b | $14.1m | 0.73% | Paxos | Gold & Commodities | Gold | Permissionless | Asset | RWA | Paxos Trust Company, LLC | Yes | Yes | Yes | Yes | Yes | Yes | |||
 Binance USDBUSD | Fiat Currencies | $1 | $36.89m | $36.89m | $389,670 | 1.06% | Paxos | Fiat Stablecoins | USD Stable | Permissionless | Asset | RWA | Paxos Trust Company, LLC (for Binance) | Yes | Yes | Yes | Yes | Yes | Yes | |||
 Pax DollarUSDP | Fiat Currencies | $1 | $28.13m | $29.16m | $13.6m | 48.37% | Paxos | Fiat Stablecoins | USD Stable | Permissionless | Asset | RWA | Paxos Trust Company, LLC | Yes | Yes | Yes | Yes | Yes | Yes |
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.
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.