Walter Hessert, the head of strategy at Paxos, proudly stated that his company is the first crypto broker to receive a trust charter under the NYDFS digital asset regulatory framework, placing them amongst industry leaders like Coinbase and Gemini.
“Paxos is widely recognized by regulatory authorities as the most compliant and regulated issuer of stablecoins. Unlike its competitors, Tether, which has faced criticism for offshore operations, and Circle, which offers USDC through unregulated blockchains, Paxos places the utmost importance on adhering to all regulatory requirements. We are the sole provider of regulated stablecoins on such a significant scale,” Hessert emphasized.
Hessert also mentioned that the NYDFS approval would expand Paxos’ capability to offer the USDP stablecoin as it was previously limited to the Ethereum blockchain ecosystem.
Recently, Paxos conducted a survey revealing that the majority of the US financial industry is actively exploring the potential of blockchain and cryptocurrencies.