Overview

Paxos Trust Company, N.A. (doing business as Paxos) is a blockchain infrastructure company, stablecoin issuer, and chartered national bank headquartered in New York City. The company provides digital asset brokerage, issuance, custody, and settlement services to enterprise clients in financial services. Paxos has also issued multiple U.S. dollar-backed stablecoins, including PayPal USD (PYUSD), Pax Dollar (USDP), and Global Dollar (USDG).

ItBit, a bitcoin exchange run by Paxos, was the first bitcoin exchange to be licensed by the New York State Department of Financial Services, granting the company the ability to be the custodian and exchange for customers in the United States.

Paxos was founded in 2012 and is based in New York City with offices in London and Singapore. As of April 2021^([update]), the company has received $540 million in funding.

History

Charles Cascarilla and Rich Teo founded Paxos in 2012 as the itBit bitcoin exchange. In 2015, the company changed its legal name from itBit to Paxos Trust Company. At the same time, the New York State Department of Financial Services granted Paxos a limited-purpose trust charter, making it one of the first companies in the U.S. approved and regulated to offer crypto products and services.

The company received $65 million in a funding round in May 2018. In September 2018, Paxos launched the Paxos Standard stablecoin as one of the first regulated stablecoins. Paxos introduced PAX Gold, a regulated gold-backed digital token, in September 2019.

In October 2019, the U.S. Securities and Exchange Commission (SEC) issued a no-action letter allowing Paxos to pilot a blockchain-based settlement service for U.S. equities; the service launched in February 2020. In July 2020, Paxos launched its crypto brokerage, with Revolut as the first client.

Lobbying and political influence

In 2025, Charles and Marissa Cascarilla were among the donors who funded the White House's East Wing demolition and planned ballroom construction.

Crypto brokerage

Paxos provides a crypto brokerage service that enables clients to offer their customers access to cryptocurrency markets. The company manages the regulatory and technological aspects of cryptocurrency trading on behalf of its clients.

Pax Dollar

Paxos Standard (PAX), later renamed Pax Dollar (USDP), was launched in September 2018 and was among the first regulated stablecoins in the industry. It is pegged to the U.S. dollar at a 1:1 ratio.