2023: A Big Year for the Industry & Paxos

When the year began, the digital asset industry was firmly in the grips of a crypto winter. Some are hoping that a thaw may start to set in, as digital finance, blockchain technology and stablecoins are making positive news again.

Paxos is proud to have played a major role in providing industry momentum in 2023. Our mission to enable the instant movement of any asset to anyone in a trustworthy way has never been more crucial, especially as legacy systems get another year older. The significance of Paxos having a prudential regulator is helping to build trust in an industry where it was difficult to find. And our launch of PYUSD, PayPal’s new stablecoin, was a seminal moment in the industry, marking the first US dollar-backed stablecoin launched by a global payments company and a household brand.

As the team at Paxos surpassed these significant milestones, the past year showed us a glimpse of the future of finance. Here are just some of Paxos’ highlights from 2023:

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• Paxos stablecoin platform issues over $120B in stablecoins

• Paxos powers $10M+ active digital wallets globally

• Paxos manages the safe redemption of $7.98 billion in tokens

• Paxos receives in principle approval from Monetary Authority of Singapore for new entity

• Paxos receives in principle approvals from FSRA to conduct services from Abu Dhabi

• Fierce chooses Paxos to power digital asset buy, sell hold capabilities

• TD Securities selects Paxos Settlement Service for commodities to drive simultaneous counterparty settlement

• PayPal and Paxos launch USD-backed stablecoin, marking historic milestone

• Paxos enables PayPal’s on-chain, regulated, USD-backed stablecoin to be available on Venmo

It was an exciting year for Paxos and the industry as a whole; a year that future finance historians may relish in decades to come. We are grateful to our clients, partners and our growing team for the successes of the past year.

Here’s to 2024.

Cheers,
Team Paxos