Crypto is Growing Fast… And Compliance is Key to Accelerating that Growth

Regulation first. That has always been the sentiment throughout Paxos. It’s even more relevant as we build new products and scale our programs. Paxos set the stage for regulatory oversight in this market as we secured the first Limited Purpose Trust Company under the New York Department of Financial Services for digital assets, have conditional approval of a de novo national Trust Bank under the OCC, and will soon apply for full clearing agency registration from the Securities and Exchange Commission.

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The Digital Dollar that Always Equals a Dollar – Paxos Standard (PAX) is now Pax Dollar (USDP)

Paxos Standard (PAX) will now be known as Pax Dollar (USDP). The USDP ticker more easily identifies Pax Dollar as a US dollar-backed token. As use cases for stablecoins rapidly expand, the demand for a regulated USD token has grown significantly. Companies and consumers globally are entering crypto markets and need a safe, dollar-based solution. As USDP, everyone will be able to instantly recognize our token as a dollar-backed stablecoin.

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Licensing & Registration Are Not Equal to Regulation

At Paxos, we believe the only way to establish and maintain safety and transparency for customers is through rigorous oversight from a prudential regulator. This thesis has unfortunately borne out in the reserve mix for both USDC and USDT (Tether). Both of these tokens’ reserves are backed by a significant amount of non-cash financial instruments. A prudential regulator is crucial to ensuring the integrity of products used in the crypto ecosystem, and neither USDC nor USDT has such a regulator.

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