News, data and analysis on tokenized assets, market design and digital economic systems.
Regulated issuance and settlement firm that builds dollar and gold tokens for other brands, converted to a national trust on 12 December 2025; it is the regulated entity a holder of PayPal USD is actually exposed to.
Regulated issuance and settlement firm that builds and operates dollar and gold tokens for other brands, founded in 2012 and chartered by the New York Department of Financial Services in 2015 as the first limited purpose trust company for digital assets. It completed conversion to a national trust supervised by the Office of the Comptroller of the Currency on 12 December 2025, replacing state oversight with a single federal regime across all fifty states, and issues Global Dollar through Paxos Digital Singapore under the Monetary Authority of Singapore and through Paxos Issuance Europe under Finnish supervision for MiCA. Because the reserve, the redemption obligation and the monthly reserve reporting sit with Paxos rather than with the consumer brand printed on the token, it is the regulated entity a holder of PayPal USD is actually exposed to.
Developments in which Paxos is a named party, newest first.
The European Commission opened a two-part consultation on revising the Markets in Crypto-Assets Regulation in May 2026, with responses due by 30 August 2026. The review's central question is how to treat stablecoins issued simultaneously inside and outside…
Trading volume in tokenized gold reached $90.7bn in the first quarter of 2026, exceeding the total for all of 2025, according to research published by CEX.IO. Tether Gold and Pax…
PayPal introduced PayPal USD, an ERC-20 stablecoin issued by Paxos Trust Company and backed by dollar deposits, US Treasuries and cash equivalents. It was the first dollar stablecoin issued for a large US consumer payments platform, with transfers available to eligible US customers.
The New York State Department of Financial Services directed Paxos Trust Company to cease minting new Binance USD, citing unresolved issues relating to Paxos's oversight of its relationship with Binance. Paxos remained obliged to continue servicing redemptions of outstanding tokens.
The New York State Department of Financial Services authorised Gemini Trust Company and Paxos Trust Company each to offer a dollar-pegged token, requiring that it be fully exchangeable for a US dollar and subject to monitoring, recordkeeping, anti-money-laundering controls and independent audit under departmental examination. The approvals placed two New York trust companies, rather than an offshore issuer, between holders and the reserve assets.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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