Paxos
also invests · investor profileUnicorn · $2.4BFounded 2012 · 327 employees on LinkedIn · 14 known investors
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Paxos is a regulated blockchain infrastructure company that issues stablecoins and tokenized assets and provides crypto brokerage, custody, and stablecoin payment services for enterprises. Its products include the USDG, USDP, and PayPal USD stablecoins and the gold-backed PAXG token, operating under trust and payments licenses in the US and Singapore.
Also known as Paxos Trust Company · Paxos Trust Company, N.A.
Founders & leadership
Paxos was founded in 2012 by Charles Cascarilla.
Investors · 14
Also in the syndicate · 4
Valuation · disclosed
Disclosed eventsSource: SEC prospectus filings, and round valuations the company or its investors disclosed — follow each entry's link for the claim.
Company profile
researched Aug 2026Paxos is a regulated blockchain infrastructure platform that provides enterprises with stablecoin issuance, custody, tokenization, trading and settlement services. Its own-issued digital assets include Global Dollar (USDG), PayPal USD (PYUSD), Pax Dollar (USDP), Pax Gold (PAXG) and BUSD; USDP is backed 1:1 by the US dollar and PAXG is backed by one fine troy ounce of gold stored in LBMA vaults. Paxos states its issued assets are backed by 1:1 redemption and held in accounts protected from bankruptcy, and it publishes monthly reserve reports on Paxos-issued digital assets [0][3].
The product suite spans stablecoin issuance, mint and redeem, stablecoin payments and payouts, and a crypto brokerage offering qualified custody, licensing and trading, plus the itBit exchange. Company-affiliated entities and initiatives listed by Paxos include Fordefi by Paxos, Paxos Labs, EU stablecoins and PSSC [0]. Paxos Labs, a spinoff focused on DeFi, offers three modules — Mint (branded digital dollars), Transit (cross-chain stablecoin movement with routing, conversion and compliance screening) and Earn (yield on stablecoin balances via onchain strategies and fixed-rate, fixed-term institutional lending) [2][6].
Paxos describes itself as remote-first, established in 2012, with more than $500 million in funding raised, and reported offices in New York, London and Singapore as of 2021 [3][7].
Founding story
Paxos was established in 2012 and is co-founded and led by CEO Charles Cascarilla [3][7].
Business model
Paxos operates as a white-label / infrastructure provider: enterprises use its regulated platform to issue and manage their own stablecoins and to embed crypto custody, brokerage, payments and settlement capabilities [0][6]. Paxos Labs offers a single integration with three modules (Mint, Transit, Earn) sold to platforms wanting to embed onchain financial products, with fixed fees on Transit, fixed-term fixed-rate secured lending, and tiered DeFi yield [2].
Sources describe fee-based pricing at Paxos Labs — fixed fees on Transit, fixed-term fixed-rate secured lending and predictable yield tiers on DeFi strategies — but do not otherwise detail Paxos's revenue model [2].
Traction
By 2021 Paxos reported nearly $10 billion in total stablecoin assets across three leading US dollar-backed stablecoins and more than 100,000 oz of gold tokenized via PAX Gold; it supported the launch of crypto buying and selling on Venmo through its PayPal partnership and completed same-day settlement of traded stocks for Instinet and Credit Suisse [7]. Paxos Labs said it was on pace to break even by the end of 2026 and already had customers including Hyperbeat and Aleo developers [6].
Latest developments
In April 2026 Fortune reported that Paxos Labs, a DeFi-focused spinoff of Paxos, raised $12 million led by Blockchain Capital with participation from Robot Ventures, Maelstrom and Uniswap Labs; Paxos Labs was cofounded by Bhaumik Kotecha, with Charles Cascarilla serving as CEO of both entities. The same report noted Paxos had recently agreed to acquire crypto wallet company Fordefi for more than $100 million; Paxos's site lists "Fordefi by Paxos" [6][0].
▸Full profile — market position, technology, go-to-market, geography, history, risks & controversies
Market position
Paxos positions itself as the first regulated blockchain infrastructure platform and holder of the first NYDFS limited purpose trust charter for digital assets (2015); Fortune describes it as a prominent player in stablecoins known as a white-label issuer [0][7][6]. In 2021 it reported nearly $10 billion in total stablecoin assets across three leading US dollar-backed stablecoins [7].
Emphasis on regulatory oversight and transparency: an NYDFS limited purpose trust charter (2015), a Monetary Authority of Singapore major payments institution license (2022, described as the first for a US-based blockchain infrastructure platform), and national-level OCC oversight of Paxos Trust Company, N.A. (2025); 1:1 backing with bankruptcy-remote accounts and monthly reserve reports [0][3].
Technology
Blockchain-based infrastructure for tokenizing, custodying, trading and settling assets, including stablecoin issuance and redemption rails, cross-chain orchestration with automatic conversion, routing and compliance screening, and smart-contract integrations to DeFi lending markets such as Aave that abstract contract-level work from customers [0][2][6].
Go-to-market
Direct enterprise sales and partnership-led distribution, with prospects routed through "Get in Touch"/"Talk to our team" contact flows; the company markets its regulated status and transparency reporting, and highlights flagship partnerships such as PayPal as proof points [0][2][7].
Enterprises and global financial and fintech institutions. Named customers and partners include PayPal, Nubank, Credit Suisse, Societe Generale, StoneX and Revolut; Paxos Labs customers include the neobank Hyperbeat and developers behind the Aleo blockchain [6][7][2].
Geography
Remote-first company; offices in New York, London and Singapore were reported in 2021. Regulatory presence spans the US (NYDFS, OCC) and Singapore (MAS), with an EU stablecoins initiative referenced on the site [3][7][0].
History
Founded in 2012. Paxos received the first NYDFS limited purpose trust charter for digital assets in 2015. In 2021 it raised a $300 million Series D at a $2.4 billion valuation, received conditional OCC approval for a de novo trust bank charter for digital assets, and stated plans to establish the Paxos National Trust Bank, pursue SEC Clearing Agency registration and obtain a Singapore Major Payment Institution license. In 2022 it became licensed by the Monetary Authority of Singapore as a major payments institution. In 2025 Paxos Trust Company, N.A. became a trust overseen nationally by the OCC. By 2026 Paxos had agreed to acquire crypto wallet company Fordefi for more than $100 million and had spun off Paxos Labs, which raised $12 million [0][3][6][7].
Risks & controversies
The sources note regulatory ambiguity surrounding DeFi as one reason Paxos separated the Paxos Labs initiative from its institution-focused roadmap; no other risks or controversies are documented in the available material [6].
Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Founder mafia
3 people who came through Paxos went on to found or lead other companies.
Competitors · 10
by search overlap
Companies competing with Paxos for the same Google search keywords, organic and paid, via search-intersection analysis.
Timeline · 9
launches, deals, and filingsPaxos Labs, a DeFi-focused spinoff of Paxos, announced a $12 million round led by Blockchain Capital with participation from Robot Ventures, Maelstrom and Uniswap Labs; Charles Cascarilla is CEO of both companies and Bhaumik Kotecha is a Paxos Labs cofounder.
$12M source ↗
Fortune reported that Paxos recently agreed to acquire crypto wallet company Fordefi for more than $100 million as clients sought more DeFi access; the Paxos site lists 'Fordefi by Paxos'.
$100M source ↗
Paxos Trust Company, N.A. became a trust overseen at the national level by the OCC, covering issuance and custody.
Paxos was licensed as a major payments institution by the Monetary Authority of Singapore, described as the first US-based blockchain infrastructure platform to secure the license.
Paxos announced a $300 million Series D led by Oak HC/FT with participation from Declaration Partners, PayPal Ventures, Mithril Capital, Senator Investment Group, Liberty City Ventures and WestCap, at a $2.4 billion valuation.
$300M source ↗
Paxos completed same-day settlement of traded stocks for Instinet and Credit Suisse via the Paxos Settlement Service.
Paxos received conditional approval for the first de novo trust bank charter for digital assets from the Office of the Comptroller of the Currency.
Paxos received the first limited purpose trust charter for digital assets from the New York Department of Financial Services.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 8
primary sources listed
- Paxospaxos.com · web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Paxos do?
- Regulated blockchain infrastructure firm issuing and custodying stablecoins and tokenized assets for enterprises.
- Who founded Paxos?
- Paxos was founded by Charles Cascarilla in 2012.
- Who are Paxos's investors?
- Paxos's investors include Blockchain Capital, Canaan Partners, Coinbase Ventures, Declaration Partners, Digital Currency Group, Multicoin Capital, Oak HC/FT, Raptor Group and 2 more.