Provider profile · 2026 edition
Paxos review 2026: scores, reserves and alternatives.
Paxos issues Global Dollar (USDG) from Singapore and the EU, and Pax Dollar (USDP) and PayPal's PYUSD from its US trust company.
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Paxos issues Global Dollar (USDG) from Singapore and the EU, and Pax Dollar (USDP) and PayPal's PYUSD from its US trust company.
Paxos is ranked in 2 Buckingham Intelligence indices. Its highest score is 3.6 out of 5 (73 out of 100) in the Stablecoin Issuers Index, where it ranks 2 of 11. It is strongest for payment firms wanting free redemption and a Big Four attestation, and its best criterion is independent assurance at 4 out of 5. Not published or not stated on the pages read: reserves, regulatory standing, redemption and published fees.
Also ranked in: Stablecoin Settlement Index (3.3 out of 5, rank 5 of 14).
Scores from the Stablecoin Issuers Index and Stablecoin Settlement Index 2026.
| Segment | Score out of 100 | Rank |
|---|---|---|
| For payment and e-money firms | 75 | 2 of 11 |
| For exchanges and brokers | 72 | 3 of 11 |
| For corporate treasuries | 73 | 2 of 11 |
| Segment | Score out of 100 | Rank |
|---|---|---|
| For receiving from buyers | 66 | 5 of 14 |
| For paying suppliers | 66 | 4 of 14 |
| For treasury and holding | 67 | 5 of 14 |
The score out of 5 is the overall score out of 100 divided by 20. Leader goes to the top three overall, Best for to the first in each segment, and Top rated for to a score of 5 out of 5 on a criterion. Awards cannot be bought.
Where it scores best, and where to check closely, as shown in each ranking.
Payment firms wanting free redemption and a Big Four attestation.
Fee-free minting of USDG and PYUSD.
What Paxos publishes on its own pages, read on 21 and 26 October 2026.
Paxos issues Global Dollar (USDG) from Singapore and the EU, and Pax Dollar (USDP) and PayPal's PYUSD from its US trust company. It publishes monthly reserve reports and monthly attestations by KPMG, states that it does not charge for redemption, and is authorised in the US, Singapore, the EU and the UAE. Licence numbers and redemption times are not on the pages read.
| Fact | What the provider publishes |
|---|---|
| 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. |
| 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. |
| 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." |
| 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". |
| 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. |
| Currencies and networks | 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 |
A fact that is not published is scored as not offered or, for a fee, as if it were high. It is never estimated.
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.
Paxos issues USDG and PayPal USD and lets institutions mint and redeem them against US dollars with no fee. It is a US national trust bank with licensed entities in Singapore and the EU. The rails it describes are US dollar wire and CUBIX.
| Fact | What the provider publishes |
|---|---|
| Legal status | '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 | 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 | Mint and redeem USDG and PYUSD. Networks not stated on the pages read. |
| Bank rails | USD wire (domestic via FedWire and international) and CUBIX USD transfers. ACH, SWIFT and SEPA not mentioned. |
| Fees | 'Zero fees to mint or redeem Paxos-issued stablecoins USDG and PYUSD.' Wire fees not stated. |
| Settlement | 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 | For 'institutions'; eligible countries not stated. Onboarding flow, dashboard and developer documentation linked. |
| Protection | '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 |
A fact that is not published is scored as not offered or, for a fee, as if it were high. It is never estimated.
Facts read on 21 October 2026 from: paxos.com/terms-and-conditions/licenses, paxos.com/regulatory-record, paxos.com/mint-and-redeem, docs.paxos.com/guides/developer/….
Each score with the evidence behind it.
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
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
The other providers in the same ranking, ordered by score.
| Provider | Score out of 5 | Rank | Strongest for |
|---|---|---|---|
| Circle (USDC and EURC) | 4.3 | 1 of 11 | Payment firms and exchanges needing the widest licensing and network coverage |
| Tether (USDT) | 3.5 | 3 of 11 | Exchanges and large traders needing the most widely held dollar stablecoin |
| Agora (AUSD) | 3.3 | 4 of 11 | Fintechs and platforms wanting fee-free minting and a share of reserve income |
| Gemini (GUSD) | 3.1 | 5 of 11 | Firms already on Gemini wanting fee-free conversion and named reserve banks |
| StraitsX (XSGD, XUSD and XIDR) | 2.8 | 6 of 11 | Payment firms in Southeast Asia needing a Singapore dollar stablecoin |
| Quantoz (EURQ and USDQ) | 2.7 | 7 of 11 | European firms wanting free direct redemption without an existing account |
| Societe Generale-Forge (EURCV and USDCV) | 2.5 | 8 of 11 | European banks and institutions wanting a bank-group issuer with daily reserve disclosure |
| AllUnity (EURAU, CHFAU, SEKAU and USDAU) | 2.4 | 9 of 11 | European corporates wanting a no-code mint account and several currencies |
| Ripple (RLUSD) | 2.4 | 10 of 11 | Banks and brokers wanting a New York trust issuer |
| Monerium (EURe and GBPe) | 1.9 | 11 of 11 | Fintechs and wallets needing euro tokens linked to a named IBAN |
Full Stablecoin Issuers Index ranking
| Provider | Score out of 5 | Rank | Strongest for |
|---|---|---|---|
| Circle Mint | 4.0 | 1 of 14 | Minting and redeeming USDC at scale |
| Bridge | 3.7 | 2 of 14 | Moving between stablecoins and local bank rails |
| Brale | 3.6 | 3 of 14 | US businesses wanting a full public price list |
| BVNK | 3.4 | 4 of 14 | Businesses needing US, EU and UK rails together |
| Stripe | 3.1 | 6 of 14 | Taking stablecoin payments at checkout |
| Ramp | 3.0 | 7 of 14 | US firms paying suppliers in stablecoins at no fee |
| Bitso Business | 2.8 | 8 of 14 | Real-time payouts in Mexico and Brazil |
| Conduit | 2.5 | 9 of 14 | Emerging market firms needing USD accounts and payouts |
| Reap | 2.4 | 10 of 14 | Asian firms paying suppliers from USDC or USDT |
| MoonPay Enterprise | 2.0 | 11 of 14 | Platforms paying out stablecoins as local fiat |
| Revolut Business | 1.9 | 12 of 14 | Firms already banking with Revolut |
| Coinbase Business | 1.9 | 13 of 14 | US and Singapore firms invoicing in USDC |
| Triple-A | 1.1 | 14 of 14 | Merchants in Asia and Europe settling to IBAN |
Side by side on every criterion, fact and award.
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