The firms have obtained conditional approval from the Office of the Comptroller of the Currency to convert into national trust banks.
The move aims to position Paxos to serve growing institutional demand for on-chain asset issuance and stablecoin payments.
For a few surreal moments on Oct. 15, the Ethereum blockchain seemed to host the financial equivalent of a dream. Paxos, the issuer behind PayPal’s stablecoin PYUSD, accidentally minted $300 trillion worth of tokens, which is roughly 300 times the global GDP, before burning them just as fast. The minting, visible on Ethereum’s public ledger, […]
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The supply deluge was quickly reversed with burn mechanism.
The company said it has since burned the excess tokens, and that the root cause of the incident has been addressed.
The dominance of Tether and Circle, once seen as unshakable, is now facing its most formidable test yet, crypto product and strategy professional James Murrell argues.
These gold-backed tokens have been a refuge for crypto investors, with year-to-date gains of over 50%, mirroring gold's historic rally.
The USAD token encrypts transaction data end-to-end, aiming to enable private, programmable digital dollars.
Tether's XAUT and Paxos' PAXG, the two largest gold-backed tokens, posted record monthly trading volumes in September as spot gold pushed above $3,800.
The interoperability protocol is introducing a permissionless version of the token to Aptos, Avalanche, Tron and several other chains.
Hyperliquid’s decision to launch its stablecoin has sparked one of the most competitive governance battles in recent memory. Last week, the decentralized exchange, which had been relying on Circle’s USDC for its liquidity, announced plans to introduce USDH as its native stablecoin. The move immediately attracted a wave of bidders, each vying for the right […]
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Paxos faces stiff competition from other bidders looking to become USDH's issuer, including Frax Finance, Agora, Ethena Labs and Sky.
Hyperliquid’s governance token HYPE climbed above $50 during Asian trading hours, boosted by new bids to manage the decentralized exchange’s proposed stablecoin, USDH. According to CryptoSlate’s data, the token gained more than 7% in the last 24 hours to reach $50.08, edging close to its August peak of $51. This upward momentum reflects confidence in […]
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Hyperliquid is currently heavily reliant on USDC, with $5.5 billion worth of Circle's stablecoin held on the platform.
Gold-backed tokens XAUT and PAXG have surged to fresh highs in market capitalization as the metal trades near its April peak.
The stablecoin issuer seeks to convert its New York Department of Financial Services license to federal oversight
The New York Department of Financial Services (NYDFS) has imposed a $48.5 million penalty on Paxos as part of its enforcement action against the stablecoin issuer, according to an Aug. 7 announcement. The settlement includes a $26.5 million civil monetary fine and mandates Paxos to spend an additional $22 million over three years to strengthen […]
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In addition to the fine, Paxos agreed to invest another $22 million into beefing up its compliance program.
Visa's platform now supports four stablecoins across four blockchains, including Ethereum and Solana.
Paxos USDG will have a significant impact in the EU's regulated stablecoin markets, offering an alternative to USDC and others for 450 million residents.
The crypto custodian rated USDC and AUSD poorly for regulatory oversight and reserve management, while executives from VanEck, Coinbase and others questioned the ranking.
The payments giant is integrating PYUSD, USDG and FIUSD into its network, expanding stablecoin payments and settlements for consumers and merchants.
The Fortune 500 fintech provider plans to roll out its digital asset platform with U.S. dollar stablecoin FIUSD to 10,000 institutions and 6 million merchants.
NYSE-listed Fiserv plans to launch a stablecoin on Solana this year, using technology from Paxos and Circle amid upcoming U.S. laws.
Below is a summarized version of The Block Research’s Billions to Trillions: Stablecoin Use-cases Poised to Expand the Market report. The full PDF version of this report is accessible here. The interconnected global financial system is undergoing a fundamental transformation. Stablecoins, once limited to facilitating crypto trading, have evolved into a versatile medium for value […]
Mastercard's new global system aims to make stablecoin transactions as seamless as traditional payments.
The overall stablecoin market, including tokens pegged to currencies and commodities, crossed $230 billion rising for the 18th consecutive month, CoinDesk Data's report show.
Membrane Finance is the issuer of US dollar and euro stablecoins and has a passportable Finnish license.
Paxos agreed to buy electronic money institution Membrane Finance, which is licensed in Finland.
Paxos has joined forces with major industry players to launch the Global Dollar Network, a strategic initiative aimed at accelerating stablecoin adoption worldwide. The partnership, announced on Nov. 5, includes well-known names like Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, and Robinhood. By pooling resources, these partners intend to drive stablecoin adoption and unlock new […]
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