Paxos cuts 20% of workforce amid strong financials due to ‘de-prioritizing adjacencies’

Paxos, the stablecoin issuer, has made the decision to reduce its workforce by 20% despite its strong financial position and positive growth prospects in the stablecoin market. This move comes as the company shifts its focus towards the tokenization and stablecoin opportunities that lie ahead. Paxos CEO Charles Cascarilla expressed confidence in the future of the company and its products, including Pax Dollar (USDP), Pax Gold (PAXG), and PayPal USD (PYUSD). Furthermore, Paxos International, the company’s affiliate based in the UAE, recently launched a yield-bearing stablecoin called Lift Dollar (USDL). While Paxos remains committed to redeeming and converting Binance USD (BUSD), issuance of the stablecoin was halted in February 2023, following Binance’s decision to discontinue it. Nonetheless, BUSD continues to circulate with a market cap of $70.5 million.