Paxos

Regulated blockchain infrastructure company that issues USDP, PAX Gold, and powers white-label stablecoins including PayPal's PYUSD. Powers PYUSD for PayPal. Issued over $180B in total tokenization. NYDFS-regulated trust company. Filed for IPO in 2024.

Paxos is the regulated infrastructure layer behind multiple enterprise stablecoins—its white-label model makes it the AWS of compliant stablecoin issuance.

paxos.com Stablecoin Issuers

United Statesprivate

At a glance

Total raised

$535.3M

last round series d

Headcount

null

approximate · public range

Headquarters

New York

United States

Founded

2012

14 years active

Status

Private

Stablecoin Issuers

Latest valuation

$2.4B

Series D · 2021

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Funding history

Total raised

$535.3M

Rounds tracked

Latest stage

Series D

Latest valuation

$2.4B

Date	Stage	Amount	Valuation	Lead investors
Apr 29, 2021	Series D	$300M	$2.4B	Oak HC/FT
Dec 17, 2020	Series C	$142M	—	Declaration Partners
May 31, 2018	Series B	$65M	—	Liberty City Ventures, RRE Ventures, Jay Jordan
May 8, 2015	Series A	$25M	—	RRE Ventures, Liberty City Ventures
Nov 11, 2013	Seed	$3.3M	—	Canaan Partners, RRE Ventures

Founder backgrounds

Charles Cascarilla

Chief Executive Officer and Co-Founder

Co-founded itBit in 2012, a bitcoin exchange that later secured a New York trust charter and evolved into Paxos. Before crypto, he worked in traditional finance and investing, including stints at a hedge fund and McKinsey & Company. Holds an MBA from Harvard Business School and a BA from the University of Notre Dame. Under his leadership, Paxos became a regulated blockchain infrastructure provider issuing USDP, PAX Gold, and white-label stablecoins including PayPal's PYUSD. He is distinguished by a regulatory-first posture — positioning Paxos as a compliance-driven institution rather than a typical crypto startup, and actively engaging with U.S. regulators on stablecoin policy frameworks.

Rich Teo

Co-Founder and CEO of Paxos Asia

Prior to co-founding Paxos (originally itBit) alongside Charles Cascarilla in 2012, Teo founded Brightpeak, a Singapore-based peer-to-peer insurance platform that was later acquired by Singapore Life. Earlier in his career, he worked at Credit Suisse in technology and investment roles. Teo holds degrees in computer engineering and business — a technical-commercial blend that shaped his approach to building regulated financial infrastructure. As CEO of Paxos Asia, he oversees the company's Singapore operations and its regulatory engagements in the region, where Paxos issues stablecoins and powers white-label solutions including PayPal's PYUSD. He maintains a relatively low public profile, letting the company's regulatory-first strategy speak for itself.

AI bull / bear

Bull case

Paxos has built the regulatory and technical plumbing that enterprises will pay a premium to access rather than build themselves. The PayPal PYUSD deal proves the model: the world's largest fintech chose Paxos as its issuance partner instead of standing up its own trust charter or relying on less-regulated alternatives. That NYDFS trust charter is a genuine moat—fewer than 30 exist, and each takes years to obtain. With $180 billion in cumulative tokenization volume, Paxos has processed more on-chain value than most challenger banks will touch in a decade. The white-label thesis compounds: every new stablecoin partner adds marginal revenue at near-zero marginal cost, while the underlying reserve portfolio generates float income across all programs. PAX Gold extends this into real-world asset tokenization, a market BlackRock and Franklin Templeton are now validating with their own products. The 2024 IPO filing signals confidence that revenue has scaled beyond reliance on any single program. If the US passes stablecoin legislation, Paxos becomes the default infrastructure layer in the most compliant jurisdiction on earth.

Bear case

Paxos is still recovering from the loss of BUSD, its highest-volume product, after NYDFS ordered issuance halted in early 2023. That single program likely accounted for the majority of the $180 billion total tokenization figure—and it is gone. USDP has failed to gain meaningful market share against USDT and USDC, which together command over 90% of the stablecoin market. The PayPal relationship, while strategically valuable, carries concentration risk: if PayPal eventually insources issuance or shifts volume to another provider, Paxos loses its anchor enterprise client. The $2.4 billion valuation from 2021 predates the BUSD shutdown, the crypto winter, and a meaningfully higher rate environment; the company has not raised equity since, which may signal a down-round if it tried. Float income—the core business model—collapses as interest rates fall, and stablecoin margins are structurally thin in a commodity market where users care about liquidity and exchange support, not the issuer's regulatory pedigree. Finally, a hostile SEC or a stablecoin bill that favors bank-issued tokens could render the trust charter obsolete overnight.

Generated by deepseek-v4-pro · May 2, 2026Refreshes quarterly · see disclosures

In the news

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Leadership

Charles Cascarilla

Chief Executive Officer and Co-Founder

Rich Teo

Co-Founder and CEO of Paxos Asia

Products

Pax Dollar (USDP)
A regulated U.S. dollar-backed stablecoin issued by Paxos Trust Company under oversight by the OCC. USDP maintains a 1:1 peg to the USD with reserves held 100% in cash and cash equivalents in segregated, bankruptcy-remote accounts. Built for enterprises and financial institutions, it enables instant, low-cost payments and settlements on the blockchain while meeting the highest regulatory standards including the forthcoming GENIUS stablecoin framework.
Pax Gold (PAXG)
A tokenized gold asset where each PAXG token represents one fine troy ounce of a London Good Delivery gold bar held in custody by Paxos Trust Company. PAXG offers a lower cost structure than traditional gold ETFs and LBMA bars, with zero storage fees and a low minimum purchase amount. It lets investors hold physical gold on the blockchain with monthly attestation reports published for transparency.
PayPal USD (PYUSD)
A white-label stablecoin issued by Paxos Trust Company on behalf of PayPal. PYUSD is a U.S. dollar-denominated, readily redeemable stablecoin designed for payments and commerce within the PayPal ecosystem. Built on Paxos' regulated infrastructure, it uses the same 100% reserve model and bankruptcy-remote custody as USDP, with monthly public attestations of its reserve assets.

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Paxos

At a glance

Subscribe to see the full profile

Funding history

Founder backgrounds

Charles Cascarilla

Rich Teo

AI bull / bear

In the news

Senator Warren criticizes OCC over Ripple, Coinbase and other crypto trust charters

Stablecoins have their 'permission slip.' Now comes the hard part.

AI agents and large corporates will lead the next stablecoin boom, executives say

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Leadership

Products

Pax Dollar (USDP)

Pax Gold (PAXG)

PayPal USD (PYUSD)

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