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Paxos

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“Can Paxos become the regulated infrastructure layer for stablecoin issuance, payments, and settlement that powers the next generation of enterprise financial products globally?”

Founded2012
HQNew York, NY, USA
Total raised$543.3M
Latest roundSeries D, April 2021
Valuation$2.4B post-money (2021)
IndustryFintech / Crypto
The story

Founded as itBit in 2012, Paxos pivoted from being a Bitcoin exchange to becoming regulated blockchain infrastructure for financial institutions. The company repositioned itself as an issuer of regulated stablecoins (USDP, PAXG, PYUSD, USDG) and a white-label crypto brokerage provider for enterprises. By obtaining OCC national bank charter status, Paxos moved beyond trust-company licensing to become regulated banking infrastructure for stablecoin issuance, payments, and settlement at enterprise scale — effectively becoming the stablecoin-layer provider for companies like PayPal, Stripe, and others.

Last 12 months
2025-12
2024-10
2025-12
Product timeline
2012
Founded as itBit, a Bitcoin exchange and trust company regulated in New York.· pivot
2018
Rebranded as Paxos and launched Pax Dollar (USDP), one of the first regulated USD-backed stablecoins.· banking
2019
Launched Pax Gold (PAXG), a gold-backed stablecoin, and partnered with Sovos for 1099 crypto tax reporting.· banking
2021
Launched BUSD (Binance USD) in partnership with Binance; raised $300M Series D at $2.4B valuation.· banking
2022
Partnered with PayPal to power PayPal USD (PYUSD) stablecoin.· banking
2024
Launched Global Dollar (USDG) stablecoin and introduced Stablecoin Payments platform for enterprise B2B payments and payouts.· banking
2025
Obtained national bank charter (OCC) as Paxos Trust Company, N.A.; launched Fordefi by Paxos (institutional crypto custody/wallet).· acquisition
2025
Applied to convert Paxos Trust Company, LLC to a national bank (OCC); conditional approval — Conditional Approval 1358 2025-12-12. [charter]· banking
Regulated entities
5
regulatory licences held by Paxos
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
Bank charter application
Paxos Trust Company, LLC → national bankConditional approval
Conversion to national bank · OCC · New York, NY · filed 2025-08-12
Conditional approval · Conditional Approval 1358 · 2025-12-12
Converts the NYDFS-chartered stablecoin issuer to a national trust bank.
Source · OCC decision letter
Consortium membership
Paxos is a named member of an industry alliance building shared payment/settlement infrastructure alongside these organizations — full details on /consortiums.
Global Dollar Network (USDG)Operational · launched 2024-11-05
Anchorage DigitalBullishGalaxy DigitalKrakenNuveiRobinhood
The stack
5 layers disclosed in Paxos’s embedded-finance stack
Payments / PSP
Paxos Stablecoin Payment Platform (self-operated)
Banking / BaaS
in the full report
Lending
in the full report
FX & payouts
in the full report
Crypto
in the full report
Accounting gap: significant
5 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.

Paxos — frequently asked

What bank does Paxos use?

Paxos discloses Paxos Trust Company, N.A. (in-house) as its banking provider, according to the Embedded Finance Index 2026.

Is Paxos a bank?

Paxos has applied for a conversion to national bank charter for Paxos Trust Company, LLC → national bank with the OCC. Status: conditional approval (2025-12-12). Until then its banking services run through Paxos Trust Company, N.A. (in-house).

Who is Paxos's payment processor?

Paxos processes payments through Paxos Stablecoin Payment Platform (self-operated).

Who handles Paxos's FX and cross-border payouts?

Paxos uses Paxos Stablecoin Payment Platform (self-operated) for FX and cross-border payouts.

Which crypto provider does Paxos use?

Paxos's crypto products run on Paxos (self-operated) and Paxos (self-operated via Fordefi by Paxos).

What is Paxos's embedded finance stack?

The Embedded Finance Index 2026 maps 5 layers in Paxos's stack: Payments / PSP (Paxos Stablecoin Payment Platform (self-operated)); Banking / BaaS (Paxos Trust Company, N.A. (in-house)); Lending (Paxos Labs Borrow (collateralized crypto lending, B2B embedded)); FX & payouts (Paxos Stablecoin Payment Platform (self-operated)); Crypto (Paxos (self-operated) and Paxos (self-operated via Fordefi by Paxos)).

Where is Paxos headquartered?

Paxos is founded in 2012 and headquartered in New York, NY, USA.

How much funding has Paxos raised?

Paxos has raised $543.3M in total (latest round: Series D, April 2021; valuation: $2.4B post-money (2021)).

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