Paxos

Yes. Paxos has held a New York limited-purpose trust charter from the NYDFS since 2015 and received conditional OCC approval for a national trust charter in December 2025. It also holds a Major Payments Institution License from Singapore's MAS, authorization from Europe's FIN-FSA, and authorization from Abu Dhabi's FSRA.

Paxos issues Pax Dollar (USDP), PayPal USD (PYUSD), Pax Gold (PAXG) — a gold-backed token redeemable for physical gold — and USDG (Global Dollar). All USD-backed stablecoins are pegged 1:1 to the US dollar and backed by cash and US Treasury instruments held in segregated accounts.

As a regulated trust company, Paxos holds customer assets in segregated accounts that are legally separate from Paxos corporate assets. These are bankruptcy-remote structures, meaning customer funds cannot be used to satisfy Paxos creditors in the event of insolvency.

Yes. Paxos publishes monthly attestation reports for PYUSD and PAXG via independent third-party auditors (KPMG LLP as of February 2025). These verify that every token issued is fully collateralized 1:1. Reports are available on the Paxos website at paxos.com.

In August 2025, NYDFS issued a consent order against Paxos for AML/BSA compliance failures related to its BUSD stablecoin partnership with Binance from 2019 to 2023. Paxos agreed to pay a $26.5 million civil penalty and invest $22 million in compliance remediation. No customer assets were lost and the action was a compliance matter, not a security breach.