We have posted an updated version of our privacy policy that is effective August 29, 2023. You can review the updated version of our privacy policy here.
NYDFS. These two tokens are very similar in design and reserve operations because they are regulated. Paxos and NYDFS agreed to the terms of the token in advance of issuing - this includes the stipulation that USDP and BUSD only be issued by Paxos on the ethereum blockchain at this time.
At Paxos, our mission is to build the foundation for a financial system where all assets, from money to commodities to securities, can be digitized and moved securely and instantly. Cryptocurrencies and digital assets represent a “brave new world” in financial services. But just because something is new, does not mean it cannot be trusted. Paxos— a highly regulated financial institution with regulated product lines—was created to address this challenge head- on.
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.
Paxos powers the only safe, regulated and liquid stablecoins that are always 100% backed 1:1 by US Dollars. Paxos has a primary regulator and is held to higher standards than other operators. Licensing and registration does not equal regulation.
Trustworthiness is critical to our business success at Paxos. We believe that by becoming a trusted, regulated, audited infrastructure provider, we can offer the highest levels of safety, protection and security for our clients. We’ve spent years building this oversight and regulatory stack.
One year ago, Paxos partnered with Stable Universal and Huobi to launch a US dollar-backed stablecoin: HUSD. In that time, there have been more than $1.6 billion tokens issued and more than $3 billion worth of transactions processed.
Investors around the world like to hold gold as a safe haven asset during times of economic uncertainty and volatility. In the last several months we’ve seen the price of…
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