Comparison · 2026 edition
Circle Mint vs Paxos: stablecoin settlement compared 2026.
Circle Mint and Paxos side by side in the Stablecoin Settlement Index 2026: scores, evidence, published facts and awards.
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Circle Mint and Paxos side by side in the Stablecoin Settlement Index 2026: scores, evidence, published facts and awards.
In the Stablecoin Settlement Index, Circle Mint scores higher overall: 4.0 out of 5 (79 out of 100) against 3.3 (66), ranking 1 and 5 of 14. Circle Mint also scores higher in every segment.
Overall and segment scores out of 100, and the score out of 5.
| Score | Circle Mint | Paxos |
|---|---|---|
| Score out of 5 | 4.0 | 3.3 |
| Score out of 100 | 79 | 66 |
| Overall rank | 1 of 14 | 5 of 14 |
| For receiving from buyers (out of 100) | 76, rank 1 | 66, rank 5 |
| For paying suppliers (out of 100) | 74, rank 2 | 66, rank 4 |
| For treasury and holding (out of 100) | 88, rank 1 | 67, rank 5 |
| Type | US money transmitter, EU e-money institution | US national trust bank (OCC) |
Each score with the evidence behind it.
| Criterion | Circle Mint | Paxos |
|---|---|---|
| Licences | 5/5 Licences in its own name in the US (46 states, New York, OCC trust charter), France (EMI and MiCA), Singapore, UK, Bermuda and ADGM, 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 No fee schedule; only a 1:1 mint and redeem statement and gas covered in most cases. | 4/5 Zero mint and redeem fees published; bank transfer fees not stated. |
| Coins and rails | 4/5 USDC on 38 networks and US, EU and Asian bank rails, but no USDT and no named UK rail. | 2/5 Two Paxos coins, only US dollar wire and CUBIX described, networks not stated. |
| Settlement | 4/5 Same business day minting for domestic wires; redemptions typically next business day. | 3/5 Deposits credited on receipt; domestic wire withdrawals 1 to 3 business days. |
| Access | 5/5 185+ countries with a published list, web console and API. | 2/5 Institutions only; no country list. |
| Protection | 5/5 Named trust bank custody, segregation, bankruptcy remote structure, an SEC-registered reserve fund reported via BlackRock and monthly Big Four assurance. | 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 | Circle Mint | Paxos |
|---|---|---|
| Legal status | US: 'Circle Internet Financial, LLC (NMLS ID# 1201441)'; New York 'Virtual Currency License, BL000042' and 'New York Money Transmitter License, MT104963'; First National Digital Currency Bank, N.A., operating as Circle National Trust, OCC 'Federal - Charter Number 25361'. | '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 | State licences listed for 46 states (45 money transmitter licences and a Georgia seller of payment instruments licence), Washington DC and Puerto Rico (California DFAL 'Application Pending'). France: Circle Internet Financial Europe SAS, ACPR 'Electronic Money Institution License No. 17788' and AMF 'Crypto-Asset Services Provider - Authorization No. E2026-005'. Singapore: 'Major Payment Institution License No. PS20200630'. UK: 'Financial Conduct Authority E-Money Issuer License, No. 900480'. Bermuda: DAB License No. 54786. ADGM: 'Financial Services Permission Number 250035'. | 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 | USDC, EURC and cirBTC. 'USDC is natively supported across 38 blockchain networks' (multi-chain page, June 2026). USDT not listed. | Mint and redeem USDG and PYUSD. Networks not stated on the pages read. |
| Bank rails | 'FedWire and SWIFT'; real-time rails 'RTP, SPEI, SEPA, and CHATS, in supported regions'; book transfers with a Circle settlement partner. | USD wire (domestic via FedWire and international) and CUBIX USD transfers. ACH, SWIFT and SEPA not mentioned. |
| Fees | No fee schedule published. Business page: 'distributors can avoid extra fees'. Developer docs: 'Circle covers gas fees for outbound stablecoin transfers in most cases.' | 'Zero fees to mint or redeem Paxos-issued stablecoins USDG and PYUSD.' Wire fees not stated. |
| Settlement | Mint: domestic wires received before the daily cutoff 'settle on the same business day'; international wires 1 to 3 business days. Redemption: payouts 'typically settle on the next business day.' | 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 | 'Circle stablecoins are available to mint and redeem' in '185+ countries', with a linked list of eligible regions. 'Circle Mint is not available to individuals.' Web console and APIs. | For 'institutions'; eligible countries not stated. Onboarding flow, dashboard and developer documentation linked. |
| Protection | US assets held at Circle National Trust, 'institutional-grade protection and asset segregation', 'structured to be bankruptcy remote'; 'not FDIC-insured'. Reserves: majority in the Circle Reserve Fund (USDXX), 'an SEC-registered 2a-7 government money market fund', with portfolio reporting published via BlackRock; remainder in cash, mostly at large banks; monthly assurance by 'a Big Four accounting firm'; holdings disclosed weekly. | '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 Circle Mint: stablecoins and networks, fees 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: circle.com/en/legal/licenses, circle.com/en/legal/us-licenses, circle.com/businesses, developers.circle.com/circle-mint/concepts/…, circle.com/transparency, circle.com/multi-chain-usdc; 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.
Minting and redeeming USDC at scale.
Fee-free minting of USDG and PYUSD.
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