Comparison · 2026 edition
BVNK vs Paxos: stablecoin settlement compared 2026.
BVNK and Paxos side by side in the Stablecoin Settlement Index 2026: scores, evidence, published facts and awards.
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BVNK and Paxos side by side in the Stablecoin Settlement Index 2026: scores, evidence, published facts and awards.
In the Stablecoin Settlement Index, BVNK scores higher overall: 3.4 out of 5 (67 out of 100) against 3.3 (66), ranking 4 and 5 of 14. BVNK scores higher for receiving from buyers and treasury and holding; Paxos scores higher for paying suppliers.
Overall and segment scores out of 100, and the score out of 5.
| Score | BVNK | Paxos |
|---|---|---|
| Score out of 5 | 3.4 | 3.3 |
| Score out of 100 | 67 | 66 |
| Overall rank | 4 of 14 | 5 of 14 |
| For receiving from buyers (out of 100) | 70, rank 4 | 66, rank 5 |
| For paying suppliers (out of 100) | 63, rank 7 | 66, rank 4 |
| For treasury and holding (out of 100) | 69, rank 3 | 67, rank 5 |
| Type | UK and Malta e-money institution, US money transmitter | US national trust bank (OCC) |
Each score with the evidence behind it.
| Criterion | BVNK | Paxos |
|---|---|---|
| Licences | 5/5 FCA and MFSA e-money licences, MiCA authorisation and US licences in 39 states, all with numbers. | 5/5 OCC national trust bank charter, EU EMI with reference number and Singapore MPI licences in its own name. |
| Published fees | 1/5 Fee structure described, but every figure is agreed per client. | 4/5 Zero mint and redeem fees published; bank transfer fees not stated. |
| Coins and rails | 4/5 USDC and USDT with US, EU and UK rails; networks not named. | 2/5 Two Paxos coins, only US dollar wire and CUBIX described, networks not stated. |
| Settlement | 5/5 Same-day and instant rails published for the US, EU and UK. | 3/5 Deposits credited on receipt; domestic wire withdrawals 1 to 3 business days. |
| Access | 2/5 No country list; onboarding documents and API docs published. | 2/5 Institutions only; no country list. |
| Protection | 3/5 Segregated and safeguarded e-money stated; no named crypto custodian or insurance. | 3/5 Reserve composition and monthly attestations published; custody and segregation of customer balances not described. |
Each criterion is scored 0 to 5 against the best published offer in the Stablecoin Settlement Index. 0 means not offered or not published. How it is scored
What each provider publishes on its own pages, read on 21 October 2026.
| Fact | BVNK | Paxos |
|---|---|---|
| Legal status | System Pay Services Ltd: 'authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution', reference '901057'. System Pay Services (Malta) Ltd: MFSA Electronic Money Institution and 'a Crypto-Asset Service Provider in accordance with the Markets in Crypto-Assets Act', reference 'C66961'. System Pay Services (US), Inc.: FinCEN registered MSB, 'NMLS ID 2531294', 'not licensed as a bank in the US'. | 'Paxos Trust Company, National Association', national trust bank charter, OCC 'Charter No. 25379'. Paxos Securities Settlement Company, LLC: SEC registered clearing agency, 'SEC Release No. 34-105562'. |
| Licences | US money transmitter or equivalent licences listed for 39 states, Washington DC and Puerto Rico, each with a number. Partner banks named: Lead Bank and Cross River Bank. | Singapore: Paxos Digital Singapore Pte. Ltd. and Paxos Global Pte. Ltd., MAS 'Major Payment Institution' (no number listed). EU: Paxos Issuance Europe Oy, Finanssivalvonta, 'Authorization reference number 32368862'. Regulatory record page: 'Coverage across all 50 states.' |
| Stablecoins and networks | 'From BTC to USDT, USDC and PYUSD'; 'We support all major chains and tokens'. Networks not named on the pages read. | Mint and redeem USDG and PYUSD. Networks not stated on the pages read. |
| Bank rails | US: ACH, same-day ACH, FedNow, Fedwire, RTP, SWIFT. Europe: SEPA, SEPA Instant, SWIFT. UK: Faster Payments, SWIFT. Brazil, Mexico, Argentina and Canada listed as upcoming. | USD wire (domestic via FedWire and international) and CUBIX USD transfers. ACH, SWIFT and SEPA not mentioned. |
| Fees | MiCA pricing policy: custody and internal transfers free; conversions at a 'Conversion All-in Exchange Rate' including a 'Commercial Fee' 'as agreed with you'; external transfers a percentage and/or fixed fee. No figures published. | 'Zero fees to mint or redeem Paxos-issued stablecoins USDG and PYUSD.' Wire fees not stated. |
| Settlement | Same-day ACH 'T+0 if submitted by COT'; FedNow and RTP 'Instant'; Fedwire 'Within one business day'; SEPA Instant 'Seconds'; Faster Payments 'Minutes to hours'; SWIFT 1 to 5 business days. | Wire deposits credited 'as soon as it is received by our bank'; domestic wire withdrawals 'may take 1-3 business days to settle'; international wire withdrawals '1-5 days'; CUBIX 'processed 24/7'. |
| Access | Eligible countries not listed; documents for onboarding published (certificate of incorporation, articles, three months of bank statements and others). API documentation published. | For 'institutions'; eligible countries not stated. Onboarding flow, dashboard and developer documentation linked. |
| Protection | 'Your e-money is held in segregated accounts - separate from BVNK's own funds'; '100% of customer e-money funds are safeguarded'; for digital assets 'we keep separate records for every fund type'. No named custodian or insurance. | 'USDG and PYUSD reserves are held 100% in US dollar deposits, US treasuries and cash equivalents'; reserve reports and attestations published monthly. Custody arrangement for customer balances not described. |
| Date read | 21 October 2026 | 21 October 2026 |
Not published or not stated by BVNK: stablecoins and networks, fees, access, protection and coins and rails.
Not published or not stated by Paxos: licences, stablecoins and networks, fees, access, protection, published fees and coins and rails.
Facts read on 21 October 2026 from: help.bvnk.com/hc/en-us/articles/11094354781074, bvnk.com/compliance, bvnk.com/trading, bvnk.com/digital-assets, bvnk.com/eu/pricing-policy, docs.bvnk.com/bvnk/references/payment-methods, docs.bvnk.com/bvnk/get-started/…, bvnk.com/mt-mt/compliance; and paxos.com/terms-and-conditions/licenses, paxos.com/regulatory-record, paxos.com/mint-and-redeem, docs.paxos.com/guides/developer/….
Awards follow from the published scores and cannot be bought.
From each provider's strongest criteria and published terms.
Businesses needing US, EU and UK rails together.
Fee-free minting of USDG and PYUSD.
Tell us what you need and where you operate.