← Embedded Finance Index 2026

Paxos

Also a provider — view Paxos’s profile →

“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
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
Regulated entities
5
regulatory licences held by Paxos
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
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.