Paxos Trust Company is the most prolific white-label stablecoin issuer in the regulated dollar market. While Circle and Tether issue their own brands, Paxos builds and operates branded stablecoins on behalf of partners. PayPal's PYUSD, the Global Dollar Network's USDG, and the now-discontinued Binance USD (BUSD) all share one issuer: Paxos.
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This profile covers what Paxos does, which stablecoins it issues in 2026, the regulatory perimeter (NYDFS Trust Charter and Monetary Authority of Singapore license), and how it compares to other issuer infrastructure providers like Brale, BitGo, Circle, and Tether.
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Paxos is a New York limited purpose trust company chartered by the New York Department of Financial Services (NYDFS) in 2015. It operates a regulated stablecoin issuance and custody platform that partners use to launch branded dollar tokens with segregated reserves, monthly attestations, and 1:1 redemption guarantees.
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The company sits at the intersection of payments infrastructure and crypto custody. Unlike Circle, which built its business around a single flagship stablecoin (USDC), Paxos's commercial wedge is the white-label model: a partner brings the brand and distribution, Paxos brings the trust charter, banking rails, and reserve operations.
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Four programs define the Paxos portfolio: PYUSD for PayPal, USDG for the Global Dollar Network, USDP (Pax Dollar) under its own brand, and historically BUSD for Binance. PYUSD and USDG are the active growth engines. BUSD was wound down after a 2023 NYDFS directive.
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Launched August 7, 2023, PYUSD is a Paxos-issued ERC-20 stablecoin distributed by PayPal across PayPal, Venmo, and external wallets. Reserves are held in cash deposits and short-term US Treasuries. PayPal's launch announcement explicitly named Paxos Trust Company as the regulated issuer and custodian. PYUSD expanded to Solana in 2024 to chase faster, cheaper settlement.
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USDG is the stablecoin of the Global Dollar Network, a consortium announced in November 2024. Network members include Robinhood, Galaxy Digital, Kraken, Anchorage Digital, Bullish, and Nuvei, with additional partners joining through 2025 and 2026. Paxos issues USDG out of its Singapore entity (Paxos Digital Singapore Pte. Ltd.) under a Major Payment Institution license from the Monetary Authority of Singapore. The differentiator: yield from reserves is shared back with distribution partners, a direct response to Circle's and Tether's float-only economics.
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USDP is Paxos's own branded stablecoin, launched in 2018 as Paxos Standard. Supply has been modest compared to PYUSD and USDG, but USDP remains a reference product for institutional clients who want a Paxos-issued dollar without partner co-branding.
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Paxos issued Binance USD from September 2019 until February 2023, when NYDFS ordered Paxos to stop minting new BUSD. Paxos continues to support redemptions but no new tokens are issued. Outstanding supply has fallen sharply since the wind-down began.
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Paxos's edge is the NYDFS Trust Charter, which sits above a money transmitter license in regulatory weight and allows fiduciary custody of customer assets. Among white-label issuers, only Paxos and BitGo hold full trust charters in their primary US jurisdictions.
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Paxos operates under two principal licenses that anchor its dollar stablecoin business. Both define what Paxos can legally do, where, and under whose supervision.

Paxos has applied for an OCC national trust bank charter in the United States. As of early 2026 that application remains pending. A national charter would expand Paxos's footprint beyond New York-anchored supervision.
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Paxos publishes monthly reserve attestations for each stablecoin it issues. Attestations are performed by an independent accounting firm and confirm that reserves equal or exceed circulating supply on the report date. PYUSD, USDG, and USDP each have a dedicated transparency page on paxos.com listing the auditor, report date, and reserve composition.
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Reserves are held in three buckets: short-duration US Treasury bills, overnight Treasury-backed reverse repurchase agreements, and cash deposits at insured depository institutions. The reserve composition mirrors what Circle publishes for USDC and is stricter than Tether's mix, which includes secured loans and other assets alongside Treasuries.
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The Global Dollar Network (GDN) is a distribution coalition, not a single issuer. USDG is issued by Paxos, but yield generated on reserves is rebated back to network members in proportion to circulation they bring. Circle keeps reserve yield as USDC issuer revenue. GDN's reserve-rebate model is the economic pitch to exchanges, wallets, and payments firms who otherwise hold customer USDC balances for free.
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Founding members announced in November 2024 included Robinhood, Galaxy Digital, Kraken, Anchorage Digital, Bullish, and Nuvei. The network has continued to add partners through 2025 and 2026. USDG circulation remains smaller than USDC, but the partnership economics give it a different growth curve.
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PYUSD launched on Ethereum in August 2023 and expanded to Solana in May 2024. It is available inside PayPal and Venmo for US customers, with onchain availability for self-custody wallets on both Ethereum and Solana. PayPal positions PYUSD as the rail for cross-border payments, creator payouts, and merchant settlement inside its ecosystem.
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Combined PYUSD supply across Ethereum and Solana has grown materially since the Solana expansion, with Solana now carrying a meaningful share of total circulating tokens because of lower fees and faster settlement.
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BUSD was the third-largest stablecoin by market cap at its peak. In February 2023, NYDFS directed Paxos to cease issuance of new BUSD tokens, citing supervisory concerns related to Paxos's relationship with Binance and the management of the BUSD program. Paxos continues to honor redemptions for outstanding BUSD holders. Binance has since promoted alternative stablecoins (FDUSD and others) for its trading pairs. The BUSD wind-down is a useful case study in white-label risk: when the issuer's regulator acts, the brand partner loses the product.
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The partner workflow involves four phases: regulatory diligence and program design, reserve management setup, minting and redemption integration, and ongoing attestation reporting. Paxos handles the regulatory filing, banking relationships, and Treasury operations. The partner contributes the brand, distribution surface, and customer relationships.
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Typical timelines from initial diligence to live token issuance run six to twelve months, depending on jurisdiction. PYUSD's announcement-to-launch window was roughly twelve months. USDG moved faster because Paxos's Singapore entity was already operational when the GDN coalition formed.
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Paxos competes on three vectors. Against Circle, it competes on partner economics (USDG rebates yield, USDC does not). Against Tether, it competes on regulatory perimeter (NYDFS plus MAS versus offshore registration). Against other white-label providers like BitGo and Brale, it competes on trust charter depth and the marquee customer list.
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For builders routing stablecoin payments, Paxos-issued tokens are first-class settlement assets on the chains where they live. Eco Routes treats PYUSD on Ethereum and Solana, USDG, and USDP as supported tokens for cross-chain swap and transfer flows, alongside USDC, USDT, and other major stablecoins.
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This profile draws on Paxos's own published documentation, partner press releases at launch, and the regulatory registers that supervise the company. Reserve and supply figures reference monthly attestations published on paxos.com transparency pages and DeFiLlama supply tracking.