# Paxos Stablecoin Issuer — Licences, Reserves & Compliance Score | StableRadar

> Paxos: stablecoin issuer profile with licences checked against regulator registers, reserves, attestations, official partners and Regulatory Compliance Score.

Canonical: https://stableradar.com/issuer/paxos
Generated: 2026-10-26T08:34:23.389Z (live figures are a snapshot at build time; see the canonical page for current values)

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**In short:** Paxos issues PYUSD, USDG (issuing entity: Paxos Trust Company, N.A. (OCC); Paxos Digital Singapore Pte. Ltd; Paxos Issuance Europe Oy). Headquarters: New York, US. Status: Active. Licences on record: 4 (4 authorised; 1 confirmed on a regulator's official public register). Reserve reports: monthly (KPMG LLP). Reference data as of 2026-10-26.

# Paxos 1 Verified
Paxos Trust Company, N.A. (OCC); Paxos Digital Singapore Pte. Ltd; Paxos Issuance Europe Oy

Status Active

Verification Verified

Coverage Partial

Licences **4 / 4**

SRS **69**

Profile as of **2026-10-26**

Regulatory Compliance Score

Weighted from public, sourced inputs · 94% of inputs available

Not legal advice; algorithmic assessment from public sources.

USDG peg · 7 days

Pins: computed 7d high/low. No reference events dated within this window.

Peg deviation (live)

+0.9 bps

Supply 30d → now (DefiLlama)

$6.00B

24h volume (CoinGecko)

$440.1M

Chains with supply

### Company
- HQ **New York, US**

- Founded **2012**

- Leadership **Charles Cascarilla (Co-founder, CEO)**

- Model **Fiat-backed (USD)**

- Website **paxos.com ↗**

### Products & supply LIVE
- USDG **$3.15B · 0.9 bps**

- PYUSD **$3.02B · 1.1 bps**

- Total (CoinGecko) **$6.17B**

30d ago

$5.95B

7d ago

$5.85B

1d ago

$6.02B

now

$6.00B

### Distribution
Ethereum

$2.21B

36.8%

Solana

$1.32B

22.0%

X Layer

$1.31B

21.8%

Robinhood Chain

$676.7M

11.3%

Arbitrum

$333.2M

5.6%

Flow

$69.3M

1.2%

Ink

$64.6M

1.1%

Polygon

$10.4M

0.2%

Sei

$3.0M

0.0%

Hyperliquid L1

$1.3M

0.0%

Supply by chain · DefiLlama (live)

### Products REFERENCE · issuer official site · as of 2026-10-26
- **PYUSD**PayPal USD stablecoin issued by Paxos [paxos.com ↗](https://paxos.com/pyusd)[source · 2026-10-26](https://paxos.com/)

- **USDP**Pax Dollar stablecoin [paxos.com ↗](https://paxos.com/usdp)[source · 2026-10-26](https://paxos.com/)

- **Stablecoin issuance**White-label stablecoin issuance [paxos.com ↗](https://paxos.com/stablecoin-issuance)[source · 2026-10-26](https://paxos.com/)

- **Stablecoin payments**Stablecoin payments infrastructure [paxos.com ↗](https://paxos.com/stablecoin-payments)[source · 2026-10-26](https://paxos.com/)

- **BUSD**Binance USD (minting ended Feb 2023) [paxos.com ↗](https://paxos.com/busd)[source · 2026-10-26](https://paxos.com/)

### Official partners (0) REFERENCE · issuer official site · as of 2026-10-26
Checked: No partner directory: paxos.com navigation (Products, Assets, Company, Developers) has no partners page; /partners/ shows the contact page.

### Licences & authorisations worldwide (4 · 1 ✓ verified on register) REFERENCE · regulator registers / issuer disclosures · as of 2026-10-26
| Jurisdiction | Regulator | Licence / status detail | Date | Status | Evidence |
| --- | --- | --- | --- | --- | --- |
| **US** | OCC | National trust bank charter No. 25379 (converted from NYDFS trust 12 Dec 2025) | 12 Dec 2025 | Authorized | [Reported](https://www.paxos.com/terms-and-conditions/licenses) |
| **US** | SEC | Registered clearing agency (Paxos Securities Settlement Co.) | 28 May 2026 | Authorized | [Reported](https://www.paxos.com/terms-and-conditions/licenses) |
| **SG** | MAS | Major Payment Institution (DPT services) — USDG issuer | — | Authorized | [Reported](https://www.paxos.com/terms-and-conditions/licenses) |
| **EU-FI** | FIN-FSA | Electronic Money Institution No. 32368862 — USDG EMT issuer | — | Authorized | [Verified](https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv) |

### Reserves, custody & attestation
- Assurance **Monthly attestation by KPMG LLP (since 28 Feb 2025; previously WithumSmith+Brown)**

- Audit / attestation firm **KPMG LLP**

- Frequency **Monthly**

- Composition (per issuer) **Cash, US T-bills, overnight reverse repo (per Paxos)**

- Custodians **Per Paxos reserve reports**

- Latest disclosed **See monthly PYUSD attestations**

- Evidence **report ↗**

### Redemption terms
1:1 redemption for Paxos platform customers; PayPal/Venmo users via PayPal

### Controls: freeze / clawback / admin
- freeze **Asset-protection role (freeze)**

- clawback **wipeFrozenAddress**

- multisig **Admin roles**

- upgrade **Upgradeable proxy**

### Frozen / blacklisted / seized
| Metric | Value | Source | As of |
| --- | --- | --- | --- |
| PYUSD blacklist events (Ethereum) | **234** | [Dune @beetle ↗](https://dune.com/beetle/stablecoin-blacklist) | 2026-05 |

### Government & public sector partnerships REFERENCE · issuer newsroom / official government sites · as of 2026-10-26
None officially announced (official newsroom checked 2026-10-26).

### Government & law-enforcement cooperation
- **Freeze capability**PYUSD contract has asset-protection freeze; 234 blacklist events on Ethereum (Dune, as of May 2026) [source ↗](https://dune.com/beetle/stablecoin-blacklist)

### Regulatory actions & enforcement history
Resolved

NYDFS ordered Paxos to stop minting BUSD

Resolved

NYDFS consent order: $26.5M penalty + $22M compliance investment (AML failures, Binance/BUSD due diligence)

### AI-agent payments
- **Mastercard Agent Pay for Machines** · Jun 2026PYUSD, USDP and USDG listed as supported [source ↗](https://www.coininsider.com/news/mastercard-backs-multiple-stablecoins-as-ai-agents-become-h2-priority/)

- **PayPal Agentic Commerce Services** · Oct 2025PayPal merchant agentic commerce (card/PayPal rails; PYUSD role not specified) [source ↗](https://www.galaxy.com/insights/research/x402-ai-agents-crypto-payments)

### Partners
PayPal (PYUSD brand)

KPMG (attestation)

Global Dollar Network (USDG)

Reference fields compiled 2026-10-26 from linked sources. Items marked “verify” or “per issuer” are not independently confirmed. Not legal or investment advice.

Last updated: 2026-10-26 08:33 UTC (live data) · reference data as of 2026-10-26 · Sources: Regulator public registers & issuer disclosures (linked per item), [CoinGecko](https://www.coingecko.com/), [DefiLlama](https://defillama.com/stablecoins)