Comparison · 2026 edition
Gemini (GUSD) vs Paxos: stablecoin issuers compared 2026.
Gemini (GUSD) and Paxos side by side in the Stablecoin Issuers Index 2026: scores, evidence, published facts and awards.
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Gemini (GUSD) and Paxos side by side in the Stablecoin Issuers Index 2026: scores, evidence, published facts and awards.
In the Stablecoin Issuers Index, Paxos scores higher overall: 3.6 out of 5 (73 out of 100) against 3.1 (63), ranking 2 and 5 of 11. Paxos also scores higher in every segment.
Overall and segment scores out of 100, and the score out of 5.
| Score | Gemini (GUSD) | Paxos |
|---|---|---|
| Score out of 5 | 3.1 | 3.6 |
| Score out of 100 | 63 | 73 |
| Overall rank | 5 of 11 | 2 of 11 |
| For payment and e-money firms (out of 100) | 65, rank 4 | 75, rank 2 |
| For exchanges and brokers (out of 100) | 58, rank 6 | 72, rank 3 |
| For corporate treasuries (out of 100) | 67, rank 4 | 73, rank 2 |
| Type | Dollar stablecoin issuer | Dollar stablecoin issuer |
Each score with the evidence behind it.
| Criterion | Gemini (GUSD) | Paxos |
|---|---|---|
| Reserves | 4/5 Monthly reserve attestations with reserve banks named. | 3/5 Monthly reserve composition reports; custodian banks not named on the pages read. |
| Independent assurance | 4/5 Monthly attestations by BPM LLP plus a random-day examination each month. | 4/5 Monthly attestations by KPMG LLP for USDG and USDP; audited financial statements not read. |
| Regulatory standing | 3/5 NYDFS regulation stated; one regulator, no licence number. | 4/5 Regulated issuers in the US (OCC), Singapore (MAS), the EU (FIN-FSA under MiCA) and the UAE; licence numbers not on the pages read. |
| Redemption | 3/5 Redemption on Gemini at any time stated; no timing or minimum. | 4/5 Direct redemption with a stated minimum basis; processing time not published. |
| Published fees | 4/5 Zero conversion fees for GUSD and US dollars published on the fee schedule. | 4/5 No redemption fee and the dormant account charge published in the terms; purchase fees shown only at order. |
| Currencies and networks | 1/5 One network and one currency. | 3/5 Seven named networks for USDG; one currency. |
Each criterion is scored 0 to 5 against the best published offer in the Stablecoin Issuers Index. 0 means not offered or not published. How it is scored
What each provider publishes on its own pages, read on 26 October 2026.
| Fact | Gemini (GUSD) | Paxos |
|---|---|---|
| Reserves | Reserves held as deposits in FDIC-insured banks and money market funds "invested only in U.S. Treasury obligations"; cash portion "may be held at State Street Bank and Trust Company, Goldman Sachs, or Fidelity" and may be eligible for FDIC pass-through insurance. | USDG page: "Monthly reserve reports". USDP page: "Paxos self-reports its portfolio composition 5 business days after month's end; these reports have not been subjected to independent review." Stablecoin terms: reserves held as cash at financial institutions licensed in Singapore by MAS or overseas, or short-term US dollar debt instruments. |
| Independent assurance | "Attestations of GUSD's reserves are published monthly by an independent registered accounting firm, BPM LLP. In addition to these monthly attestations, BPM LLP conducts attestation examinations on one randomly-selected business day each month." | USDG: "Attestation reports posted on or after February 27, 2026 are issued by KPMG LLP" under ISCA standards; earlier reports by Enrome LLP. USDP: KPMG LLP from 28 February 2025 under AICPA standards; earlier reports by WithumSmith+Brown. |
| Regulatory standing | "GUSD has been fully regulated by the New York State Department of Financial Services (NYDFS) since 2018." No licence number on the page. | USDG "is issued by Paxos Digital Singapore, which is a Major Payments Institution supervised by the Monetary Authority of Singapore" and "also issued by Paxos Issuance Europe under the supervision of FIN FSA and in compliance with MiCA". NYDFS trust charter granted 2015, converted in 2025 to an OCC charter as Paxos Trust Company, N.A. "Paxos is authorized to issue stablecoins in the US, UAE, Singapore and EU." |
| Redemption | "Gemini customers can always redeem 1 GUSD for $1 on Gemini at any time." Redemption time and minimum not published. | Stablecoin terms: redemption needs a Paxos account; requests are processed "according to the redemption schedule" after compliance checks; Paxos "may require a minimum amount for redemption ... equal to the minimum wire fee charged by your bank". |
| Published fees | API fee schedule: GUSD/USD and USDC/GUSD pairs at 0.00% maker and taker fees in the lowest tier. GUSD page: convert USD to GUSD "fee-free" in the app. | Stablecoin terms: "Paxos will not charge you fees for redeeming USD Stablecoins." Purchase shows "the commission or fee (if any)"; a monthly charge of "US $2.00" applies to dormant accounts with a balance and no activity for twelve months. |
| Currencies and networks | "GUSD is an Ethereum-based ERC-20 token." One currency: US dollar. | USDG "is issued on Arbitrum, Ethereum, Ink, Mantle, Robinhood Chain, Solana, X Layer". One currency: US dollar (USDG, USDP, PYUSD). |
| Date read | 26 October 2026 | 26 October 2026 |
Not published or not stated by Gemini (GUSD): redemption.
Not published or not stated by Paxos: reserves, regulatory standing, redemption and published fees.
Facts read on 26 October 2026 from: gemini.com/dollar, gemini.com/fees/api-fee-schedule; and paxos.com/usdg, paxos.com/usdg-transparency, paxos.com/usdp-transparency, paxos.com/stablecoin-terms-conditions, docs.paxos.com/stablecoin/usdg.
Awards follow from the published scores and cannot be bought.
No award in this index.
From each provider's strongest criteria and published terms.
Firms already on Gemini wanting fee-free conversion and named reserve banks.
Payment firms wanting free redemption and a Big Four attestation.
Tell us what you need and where you operate.