Paxos
Paxos Trust Company, National Association
Paxos is a US-regulated blockchain infrastructure that issues stablecoins (USDP, PYUSD, USDG) and tokenized gold (PAXG) and runs clearing, settlement and custody services for institutional partners. Founded in 2012 and supervised by NYDFS since 2015, on 12 December 2025 it converted its trust charter into a national trust charter supervised by the OCC, operating as Paxos Trust Company, N.A. (charter no. 25379); the USDG stablecoin is instead issued by Paxos Digital Singapore, a MAS-supervised Major Payments Institution. The company has raised over $500 million, including a $300 million Series D at a $2.4 billion valuation. It is among the most transparent stablecoin issuers, disclosing reserves monthly, and targets enterprises, exchanges and fintechs, not end consumers.
Data & conditions
| Service type | Stablecoin infrastructure |
|---|---|
| Pricing model | Not disclosed |
| Stablecoins | USDP, PYUSD, USDG, PAXG |
| Custody model | qualified-custody |
| Customer type | Enterprise, Fintech, Platforms |
| Fund custody | Custodial (platform holds funds) |
| Supported countries | US, EEA, MENA, APAC |
| Regulator | OCC (US) / NYDFS (US) |
| Segment | B2B |
| MiCA / License status | OCC National Trust Charter (US)NYDFS supervisionFSRA (ADGM, Abu Dhabi) OCC National Trust Charter (charter no. 25379), NYDFS supervision |
Strengths
- Heavily regulated: OCC national trust charter + long-standing NYDFS supervision.
- Leading stablecoin issuer (USDP, PYUSD for PayPal, USDG) with monthly reserve disclosures.
- No notable sovereignty advantage documented.
Weaknesses
- B2B infrastructure: not directly accessible to end consumers.
- Primarily focused on the US and institutional market.
- Custodial: the platform holds your funds and can freeze or lose them.
- Subject to regulation (OCC National Trust Charter (charter no. 25379), NYDFS supervision): reporting to authorities and freezes on order.
Verdict
Score 4.7/5, outstanding profile. In its favour: heavily regulated: OCC national trust charter + long-standing NYDFS supervision. The trade-off to weigh: b2B infrastructure: not directly accessible to end consumers.
On the Sovereignty lens the score is 0.5/5 (weak): the strength is fund control (0.5/5).
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
FAQ
Can an individual use Paxos?
Indirectly: Paxos products (e.g. PYUSD via PayPal/Venmo, PAXG) reach consumers through partners. Paxos itself is B2B infrastructure for enterprises, exchanges and fintechs.
Who supervises Paxos?
Paxos Trust Company is a national trust company supervised by the OCC (charter no. 25379), with long-standing NYDFS supervision in New York.
Sources
- Official service page Descrizione Data verified on Jul 17, 2026
- eco.com Data verified on Jul 17, 2026
Update history
- Re-verification (2nd pass): added company valuation ($2.4bn, $300M Series D) and tokenized gold PAXG to supported stablecoins; clarified that USDG is issued by Paxos Digital Singapore (a MAS-supervised Major Payments Institution), not the US entity; confirmed the OCC national trust conversion on 12 December 2025 (charter no. 25379); PYUSD ~$4.1bn supply in early 2026.