Comparison · 2026 edition
Paxos vs Tether (USDT): stablecoin issuers compared 2026.
Paxos and Tether (USDT) side by side in the Stablecoin Issuers Index 2026: scores, evidence, published facts and awards.
WhatsApp and Telegram +44 7563 115980
[email protected]
Paxos and Tether (USDT) 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 3.5 (71), ranking 2 and 3 of 11. Paxos scores higher for payment and e-money firms and corporate treasuries; Tether (USDT) scores higher for exchanges and brokers.
Overall and segment scores out of 100, and the score out of 5.
| Score | Paxos | Tether (USDT) |
|---|---|---|
| Score out of 5 | 3.6 | 3.5 |
| Score out of 100 | 73 | 71 |
| Overall rank | 2 of 11 | 3 of 11 |
| For payment and e-money firms (out of 100) | 75, rank 2 | 73, rank 3 |
| For exchanges and brokers (out of 100) | 72, rank 3 | 73, rank 2 |
| For corporate treasuries (out of 100) | 73, rank 2 | 68, rank 3 |
| Type | Dollar stablecoin issuer | Dollar stablecoin issuer |
Each score with the evidence behind it.
| Criterion | Paxos | Tether (USDT) |
|---|---|---|
| Reserves | 3/5 Monthly reserve composition reports; custodian banks not named on the pages read. | 2/5 Quarterly reserve reports; reserves include gold and secured loans as well as Treasuries. |
| Independent assurance | 4/5 Monthly attestations by KPMG LLP for USDG and USDP; audited financial statements not read. | 4/5 Quarterly attestations by BDO and an audit of 2025 financial statements by KPMG. |
| Regulatory standing | 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. | 3/5 One issuer authorisation, in El Salvador; no licence number on the pages read. |
| Redemption | 4/5 Direct redemption with a stated minimum basis; processing time not published. | 4/5 Direct redemption for verified accounts with a published $100,000 minimum; timing stated only as several days for some withdrawals. |
| Published fees | 4/5 No redemption fee and the dormant account charge published in the terms; purchase fees shown only at order. | 5/5 Full mint, redemption and verification fees published. |
| Currencies and networks | 3/5 Seven named networks for USDG; one currency. | 4/5 14 named networks; one active fiat 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 | Paxos | Tether (USDT) |
|---|---|---|
| Reserves | 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. | Transparency page: tokens "backed 100% by Tether's Reserves"; circulation "typically published daily". Q2 2026 report: reserves "centered on short-duration, high-quality liquid assets", reserves exceeded liabilities by about $4.11 billion, secured lending exposure reduced by about $2.38 billion, gold holdings above 146 tons. |
| Independent assurance | 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. | Q2 2026 attestation "prepared by BDO, a top-five global independent accounting firm" (published 31 July 2026). 13 August 2026: "KPMG U.S. issues unqualified audit opinion on Tether's 2025 financial statements." |
| Regulatory standing | 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." | Terms: "Tether has obtained authorisation as a Stablecoin Issuer and Digital Assets Service Provider under the El Salvador Regulations for Issuance of Stablecoin Public Offerings", supervised by the National Commission of Digital Assets. Issuer: Tether International, S.A. de C.V. |
| Redemption | 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". | Fees page: "Minimum Tether Token acquisition or redemption amount 100,000 USD". Verified accounts only; Tether "maintains the sole discretion to approve or not approve accounts". "Withdrawal requests for digital tokens held by Tether are evaluated per request and can take several days to process." |
| Published fees | 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. | Fees page: redemption fee "The greater of $1,000 or 0.1%"; acquisition fee "0.1%"; verification fee "150 USD in Tether Tokens", non-refundable. |
| Currencies and networks | USDG "is issued on Arbitrum, Ethereum, Ink, Mantle, Robinhood Chain, Solana, X Layer". One currency: US dollar (USDG, USDP, PYUSD). | Supported protocols page lists Ethereum, Avalanche, BNB Smart Chain, Cosmos (via Kava), Celo, Kaia, Tron, Liquid, Solana, Polkadot AssetHub, Tezos, Near, Ton and Aptos. Redemption of CNH₮ ends 20 February 2027; EUR₮ wound down. |
| Date read | 26 October 2026 | 26 October 2026 |
Not published or not stated by Paxos: reserves, regulatory standing, redemption and published fees.
Not published or not stated by Tether (USDT): nothing in this profile is marked as not published or not stated.
Facts read on 26 October 2026 from: paxos.com/usdg, paxos.com/usdg-transparency, paxos.com/usdp-transparency, paxos.com/stablecoin-terms-conditions, docs.paxos.com/stablecoin/usdg; and tether.to/en/transparency, tether.to/en/fees, tether.to/en/legal, tether.to/en/supported-protocols, tether.io/news/…, tether.io/news/….
Awards follow from the published scores and cannot be bought.
From each provider's strongest criteria and published terms.
Payment firms wanting free redemption and a Big Four attestation.
Exchanges and large traders needing the most widely held dollar stablecoin.
Tell us what you need and where you operate.