Certain conditions must be satisfied for pass–through deposit insurance coverage to apply to fiat currency. The underlying fiat currency may be eligible for pass-through insurance; however, no crypto asset is insured or guaranteed by the FDIC.

The primary depository account that holds fiat cash is protected by FDIC insurance up to $250,000 for each account ownership category.  Paxos maintains FDIC-insured deposits for stablecoins at the following depositories:

• BMO Bank National Association (FDIC Certificate  #16571) 

• Customers Bank (FDIC Certificate  #34444)

• State Street Bank and Trust Company (FDIC Certificate  #14)

• Western Alliance Bank (FDIC #57512)

Further, Paxos may utilize deposit placement networks operated by IntraFi Network LLC and Reich & Tang Deposit Solutions, LLC wherein the totality of balances in these deposit networks are FDIC-insured. 

A list identifying IntraFi Network-insured depository institutions at which funds may be placed may be found here.

A list of Reich & Tang Deposit Solutions, LLC’s network banks can be found here. Paxos may exclude particular insured depository institutions within each network from eligibility to receive funds.

Paxos maintains FDIC-insured omnibus deposits at the following depositories:

• BMO Bank National Association (FDIC Certificate  #16571)

• State Street Bank and Trust Company (FDIC Certificate  #14)

• Customers Bank (FDIC Certificate #34444)