Five-Year Stablecoin Milestone Announced by Paxos
Paxos, a regulated digital asset firm that powers the tech behind multiple crypto firms, is reporting having topped $120 billion in stablecoin value (issued and redeemed) over the past five years of the company’s operation.
Paxos, which is regulated by the New York State Department of Financial Service, notes that it has always been a compliance-first provider.
Paxos noted that it powers Mercado Libre, Nubank, Interactive Brokers, Mastercard, and more. More recently, Paxos has powered the stablecoin issued by PayPal (PYUSD).
Paxos Head of Strategy, Walter Hessert, predicted that stablecoins will become a trillion-dollar asset class as blockchain expands across the realm of applications and consumer adoption.
“The Paxos platform empowers our enterprise partners to enable payments, settlement, remittances and other real world use cases of stablecoins for hundreds of millions of end users. We offer the safety, security and oversight that enterprises need to enter this new frontier with confidence,” said Hessert.
Paxos said that in the future, it will continue to “set the standard” for stablecoins with consumer protections and audited reserves. Today, Paxos’ infrastructure powers more than 12 million active wallets globally through its enterprise partnerships.
Paxos utilizes Ethereum but will extend into other blockchains to make its service more accessible.
