StablyticsThe Stablecoin Market Map
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About

Paxos is a regulated blockchain infrastructure and issuance company that issues and operates stablecoins for partners — PayPal's PYUSD, Global Dollar (USDG), and its own USDP — plus tokenization and custody. As the leading regulated US issuer by program count, Paxos provides white-label issuance, minting, custody and reserve management as a service, having processed $180B+ in activity.

Issuer of record behind PayPal PYUSD and Global Dollar USDG.

Stablecoins

PYUSDUSDGUSDPUSDL

Key products

PYUSDUSDGUSDPIssuance-as-a-serviceCustodyPAXGPaxos issuance platformPaxos tokenizationPYUSD infraUSDL

Chains

EthereumSolanaArbitrum
Founded
2012
HQ
New York, USA
Stage
Venture
Funding
$500M+ (Series D, OakHC/FT)

Related companies

M0 logo

M0

Modular stablecoin issuance infrastructure

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Issuance & OrchestrationYield-Bearing DollarsFiat-Backed Issuers
Tether logo

Tether

Issuer of USDT, the largest stablecoin

Tether issues USDT, the world's largest dollar stablecoin with the dominant share of total stablecoin market cap. It also issues EURT, the gold-backed XAUT, and the US-regulated USAT. Tether's reserves are heavily allocated to US Treasuries and it has become one of the most profitable companies in crypto.

Fiat-Backed IssuersYield-Bearing DollarsIssuance & Orchestration
Agora logo

Agora

Digital dollar issuance with white-label stablecoins

Agora issues AUSD, a yield-sharing digital dollar, and offers a white-label issuance service letting partners launch self-branded stablecoins that share AUSD's reserves, liquidity and interoperability. Its reserve fund (cash, repo and short-term Treasuries) is managed with VanEck and State Street. Agora raised a $50M Series A led by Paradigm in 2025.

Issuance & OrchestrationFiat-Backed IssuersYield-Bearing Dollars
Anchorage Digital logo

Anchorage Digital

First federally chartered crypto bank; stablecoin issuer and custodian

Anchorage Digital is the only federally chartered US crypto bank, providing qualified custody plus turnkey, federally regulated infrastructure for minting, redeeming and managing stablecoin issuance. It issues USDtb (with Ethena, reserves in BlackRock's BUIDL), acquired USDM issuer Mountain Protocol, and serves as a regulated issuance partner for stablecoin programs.

Banking & ReservesCustody & SecurityIssuance & Orchestration
BitGo logo

BitGo

Qualified custodian and digital asset infrastructure

BitGo is a pioneering institutional custodian with a long Bitcoin custody track record, operating OCC and state trust charters. It provides multisig and MPC custody, off-exchange settlement (Go Network), wallet infrastructure and stablecoin issuance (USDS via World Liberty / WBTC custody). BitGo completed the first crypto custodian IPO in January 2026.

Custody & SecurityIssuance & OrchestrationFiat-Backed Issuers
Coinbase logo

Coinbase

Largest US crypto exchange and USDC co-issuer

Coinbase is the largest US-listed crypto exchange and a primary stablecoin trading venue. It co-founded USDC with Circle via the Centre consortium and earns a share of USDC reserve revenue, while operating Base (its L2), Coinbase Wallet, custody and on/off-ramp services. In 2026 it is positioning around stablecoins, Base, and an 'everything exchange' strategy.

ExchangesFiat-Backed IssuersWallets