Paxos
Stablecoin · Fiat-Backed Regulated · USDP
NetworkStablecoinFiat-Backed RegulatedInstitutional-Gated4 coinsAudited
Paxos Trust Company issues USDP and white-labels regulated dollars for partners — PayPal USD (PYUSD) and the Global Dollar (USDG) — under its NYDFS trust charter.
Regulated white-label stablecoin issuer.
Circulating supply
$251.0M
-0.0% 24h
Latest data · 15 min delay
Competitors
Ranked top→bottom — who competes with Paxos and how they differ.
| # | Competitor | Positioning | Similarities | Differentiator |
|---|---|---|---|---|
| 1 | Circle (USDC) | Largest regulated fiat-backed dollar. | Both issue a USD-pegged stablecoin redeemable against reserves. | USDC is the deepest, most widely integrated regulated fiat-backed dollar with monthly Deloitte attestations and a public-company issuer. |
| 2 | Pleasing Market | RWA precious-metals platform issuing PGOLD and USDpm with cross-chain distribution via Chainlink CCIP. | Both in Stablecoin (Fiat-Backed Regulated). | Tokenized allocated gold with unlimited physical redemption, plus an oracle/security-first cross-chain model (Chainlink CCIP + Data Streams) rather than a single-chain gold token. |
| 3 | TrueUSD | The most transparent USD-backed stablecoin. | Both in Stablecoin (Fiat-Backed Regulated). | Transparency-first design: daily attestations, Chainlink Proof of Reserve, and on-chain mint/redeem. No algorithmic stabilization or native yield. |
| 4 | Agora | Revenue-sharing institutional dollar. | Both in Stablecoin (Fiat-Backed Regulated). | Revenue-sharing model passes reserve yield to distribution partners, creating institutional alignment. |
| 5 | M^0 Foundation | Money middleware for institutional stablecoins. | Both in Stablecoin (Fiat-Backed Regulated). | Modular 'money middleware' — M is the institutional underlying asset other issuers compose on, not a retail consumer dollar. |
| 6 | First Digital | Hong Kong trust-custody dollar stablecoin. | Both in Stablecoin (Fiat-Backed Regulated). | Major HK-trust-custody stablecoin with deep BSC liquidity. |
| 7 | Bitget | Exchange-native yield-bearing dollar. | Both in Stablecoin (Fiat-Backed Regulated). | Exchange-native yield product — Bitget's 45M+ users earn T-bill yields inside the exchange. |
| 8 | Stably | Stablecoin-as-a-service issuer and fiat on/off-ramp provider. | Both in Stablecoin (Fiat-Backed Regulated). | Combines consumer/enterprise fiat ramps with multi-chain stablecoin issuance infrastructure, including partner-issued models like VeUSD. |
| 9 | Tether | The largest stablecoin by circulating supply. | Both in Stablecoin (Fiat-Backed Regulated). | Deepest exchange liquidity and broadest chain deployment of any stablecoin; reserve attestations published by BDO / Moore Cayman. |