--- title: Paxos after BUSD — PYUSD / USDG / USDP / PAXG and the USDL wind-down aliases: - paxos-paxg-post-binance-pivot - Paxos post BUSD - PAXG overview - Paxos product portfolio domain: fintech created: 2026-05-25 last_updated: 2026-07-30 last_tended: 2026-07-30 review_by: 2026-11-25 confidence: likely tags: [fintech, paxos, busd, pyusd, usdg, usdp, paxg, usdl, stablecoin, tokenized-gold] status: active sources: - https://www.dfs.ny.gov/consumers/alerts/Paxos_and_Binance - https://apps.occ.gov/CAS/home/details?FilingID=342828&FilingSubtypeID=1117&FilingTypeID=23 - https://www.paxos.com/pyusd - https://docs.paxos.com/guides/stablecoin/pyusd - https://docs.paxos.com/guides/stablecoin/usdg - https://www.paxos.com/usdp - https://www.paxos.com/pax-gold - https://docs.paxos.com/guides/stablecoin/paxg - https://www.paxos.com/terms-and-conditions/pax-gold-terms-conditions - https://www.paxos.com/terms-and-conditions/stablecoin-terms-conditions - https://www.paxos.com/terms-and-conditions/glba-privacy-notice - https://www.paxos.com/paxg-transparency - https://www.paxos.com/newsroom/winding-down-usdl-lift-dollar - https://www.paxos.com/stablecoin-issuance --- # Paxos after BUSD — PYUSD / USDG / USDP / PAXG and the USDL wind-down ## TL;DR New York DFS ordered Paxos to cease minting Paxos-issued BUSD in February 2023 because of unresolved oversight issues in the Binance relationship. The OCC approved and made effective the conversion to **Paxos Trust Company, N.A.** on **2025-12-12**. Current PYUSD and PAXG product / terms materials identify Paxos Trust Company, N.A. and the OCC perimeter; historical BUSD issuance remains a New York DFS-era record. Paxos also continued with USDP and Singapore-issued USDG. The product map must record a reversal omitted by the prior page: Paxos announced the wind-down of USDL in October 2025 and ended minting immediately, stopped yield and redemptions on 2025-12-08, and converted eligible outstanding balances to USDG. Therefore USDL was not an active $80M growth product in May 2026. ## Wiki route This entry sits under [[fintech/INDEX|fintech index]]. Read it with [[fintech/paypal-pyusd-stablecoin|PYUSD]], [[fintech/global-stablecoin-regulatory-five-pole-matrix|global stablecoin regulation]], and [[fintech/tokenized-mmf-wisdomtree-hashnote|tokenized cash products]]. ## BUSD event boundary [New York DFS's notice](https://www.dfs.ny.gov/consumers/alerts/Paxos_and_Binance) establishes: - DFS ordered Paxos to cease minting Paxos-issued BUSD; - Paxos notified customers on 2023-02-13 that it would end the Binance relationship for BUSD; - DFS-authorized Paxos BUSD existed on Ethereum; - “Binance-Peg BUSD” on other chains was not authorized by DFS and was not issued by Paxos; - DFS monitored orderly redemption under enhanced risk-based compliance protocols. The source supports a regulated wind-down. It does not establish the former internal headcount, board-intent, “management failure” or revenue-allocation narrative. ## Current / historical product matrix 下表は [OCC conversion record](https://apps.occ.gov/CAS/home/details?FilingID=342828&FilingSubtypeID=1117&FilingTypeID=23)、[PYUSD page](https://www.paxos.com/pyusd)、[current USD stablecoin terms](https://www.paxos.com/terms-and-conditions/stablecoin-terms-conditions)、[USDG docs](https://docs.paxos.com/guides/stablecoin/usdg)、[USDP page](https://www.paxos.com/usdp)、[PAXG terms](https://www.paxos.com/terms-and-conditions/pax-gold-terms-conditions)、[USDL wind-down notice](https://www.paxos.com/newsroom/winding-down-usdl-lift-dollar) に基づく 2026-07-30 時点の product-status map である。 | Product | Issuer / oversight stated by Paxos | Backing / claim | Status boundary | |---|---|---|---| | PYUSD | Paxos Trust Company, N.A.; current page states OCC oversight | 1:1 USD-backed payment stablecoin | Active product; current page names the N.A. as issuer | | USDP | Current USD Stablecoin Terms name Paxos Trust Company, N.A.; some auxiliary service / privacy documents still name Paxos Trust Company, LLC for document-specific roles | 1:1 USD-backed stablecoin | Active product; do not infer one entity label across documents without checking date and role | | USDG | Paxos Digital Singapore; MAS-supervised Major Payment Institution | 1:1 USD-backed single-currency stablecoin; segregated reserves | Active product; current chain list belongs in Paxos docs | | PAXG | Paxos Trust Company, N.A.; current PAXG terms state OCC approval | One fine troy ounce of allocated London Good Delivery gold per token | Active product; monthly attestations | | USDL | Paxos International / ADGM FSRA during operation | Yield-bearing USD token | Wind-down announced 2025-10-08; minting ended and programme closed per notice | | Paxos-issued BUSD | Paxos Trust Company, LLC under New York DFS during the historical issuance period | 1:1 USD-backed stablecoin | New minting ceased in 2023; distinguish from non-Paxos Binance-Peg BUSD and from the later N.A. conversion | ## Federal conversion and document-specific entity boundary The [OCC Corporate Applications Search record](https://apps.occ.gov/CAS/home/details?FilingID=342828&FilingSubtypeID=1117&FilingTypeID=23) records the application as approved and consummated / effective on **2025-12-12**. Current [PYUSD materials](https://www.paxos.com/pyusd) identify **Paxos Trust Company, N.A.** as issuer and state that PYUSD issuance and reserves are subject to OCC oversight. Current [PAXG terms](https://www.paxos.com/terms-and-conditions/pax-gold-terms-conditions), last modified **2025-12-12**, identify Paxos Trust Company, N.A. as the manager of PAXG and state that PAXG issuance is pursuant to specific OCC approval. Entity names must still be read by document, date and role. The current [USD Stablecoin Terms](https://www.paxos.com/terms-and-conditions/stablecoin-terms-conditions), last modified **2026-06-30**, name Paxos Trust Company, N.A. as the manager and issuer of USDP and PYUSD. By contrast, the [GLBA Privacy Notice](https://www.paxos.com/terms-and-conditions/glba-privacy-notice) names Paxos Trust Company, LLC for that document's collection and sharing of U.S. consumers' non-public personal information, and the current PYUSD page separately names the LLC for some custody, trading and transfer services provided to PayPal / Venmo. Neither auxiliary role is restated here as the current USDP issuer. The label difference is document-specific; the product terms control this page's issuer field. ## PAXG: what is verified [Paxos's PAXG page](https://www.paxos.com/pax-gold) and [developer guide](https://docs.paxos.com/guides/stablecoin/paxg) identify Paxos Trust Company, N.A. and state that each token is backed by one fine troy ounce of gold stored in LBMA vaults in London. For supported self-custody addresses, Paxos provides a lookup for serial number, weight and vault information. The [transparency page](https://www.paxos.com/paxg-transparency) publishes monthly attestations and states that reports from 2025-02-28 onward are issued by KPMG; earlier reports used Withum. 下表 separates verified product features from market claims that require an external dated dataset. | Question | First-party evidence | Additional evidence required | |---|---|---| | Gold entitlement | One fine troy ounce per PAXG | Current terms for minimum physical redemption and fees | | Allocation | Allocated London Good Delivery gold | Wallet / custodian eligibility for bar lookup | | Attestation | Monthly reports | Exact token supply at comparison date | | Regulation | Paxos Trust Company, N.A.; current terms state specific OCC approval | Jurisdiction-specific investor treatment | | Market rank | Not established by product page | Same-date supply / liquidity dataset for PAXG and XAUT | The prior claims that PAXG was definitively dominant because of “cleaner NY DFS structure,” that Tether held a fixed 3% reserve share in PAXG, and that PAXG market cap was ~$700M in 2026-05 were removed because the cited Paxos pages did not support them. ## USDG and Global Dollar Network [Paxos's launch announcement](https://www.paxos.com/newsroom/paxos-introduces-global-dollar-usdg) identifies Paxos Digital Singapore as issuer, DBS as the launch banking partner, and USD deposits / short-duration U.S. government securities / cash equivalents as eligible backing. The [USDG docs](https://docs.paxos.com/guides/stablecoin/usdg) state 1:1 redemption and monthly reserve / attestation reporting. The Global Dollar Network launch named Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos and Robinhood. Its “shared economics” description does not prove a universal fixed 50/50 split, a particular partner's revenue, or current distribution volume. ## USDL correction Paxos launched USDL in June 2024 as an ADGM-regulated yield-bearing token for eligible markets. [Paxos's wind-down notice](https://www.paxos.com/newsroom/winding-down-usdl-lift-dollar) later set the controlling status: - new minting ended on 2025-10-08; - daily rebasing and Paxos redemptions ended on 2025-12-08; - eligible outstanding balances above $1 were to be converted to USDG, subject to compliance checks; - the wind-down was conducted under FSRA oversight. Any page that describes USDL as active after that date is stale. ## Multi-jurisdiction comparison guardrails 以下の表は product issuer and supervisor を比較するための checklist であり、「license count = moat」という valuation conclusion ではない。source は [Paxos product docs](https://docs.paxos.com/guides/stablecoin/usdg) と各 regulator / issuer notice である。 | Dimension | Verify | |---|---| | Legal issuer | Exact entity named in terms and reserve report | | Supervisor | Current licence / charter and product scope | | Reserve owner | Entity holding segregated cash / securities | | Redemption | Eligible redeemer, timing, minimum, fees | | Networks | Current official contract-address list | | Status | Active, restricted, redemption-only, or wound down | ## What “platform issuer” means here [Paxos's issuance page](https://www.paxos.com/stablecoin-issuance) offers custom-branded issuance, integration of existing Paxos assets, and Global Dollar Network participation. This supports describing Paxos as an issuance / infrastructure provider. It does not support prior precise reserve-manager allocations, named audit-firm assignments across every product, internal tolerance bands, hiring shifts or unreleased partner rumours. ## Related - [[fintech/INDEX|Fintech Index]] - [[fintech/paypal-pyusd-stablecoin|PayPal PYUSD]] - [[fintech/global-stablecoin-regulatory-five-pole-matrix|Global stablecoin regulatory matrix]] - [[fintech/issuer-distributor-incentive-realignment-50-50-model|Issuer / distributor economics]] - [[fintech/stablecoin-issuer-2025-2026-market-consolidation|Stablecoin issuer consolidation]] - [[fintech/tokenized-mmf-wisdomtree-hashnote|Tokenized cash products]] ## Sources - New York DFS — Paxos / Binance notice: https://www.dfs.ny.gov/consumers/alerts/Paxos_and_Binance - OCC — Paxos Trust Company conversion record, approved and effective 2025-12-12: https://apps.occ.gov/CAS/home/details?FilingID=342828&FilingSubtypeID=1117&FilingTypeID=23 - Paxos — PYUSD current product page: https://www.paxos.com/pyusd - Paxos — PYUSD docs: https://docs.paxos.com/guides/stablecoin/pyusd - Paxos — USD Stablecoin Terms: https://www.paxos.com/terms-and-conditions/stablecoin-terms-conditions - Paxos — GLBA Privacy Notice (LLC label for privacy role): https://www.paxos.com/terms-and-conditions/glba-privacy-notice - Paxos — USDG docs: https://docs.paxos.com/guides/stablecoin/usdg - Paxos — USDP: https://www.paxos.com/usdp - Paxos — PAXG: https://www.paxos.com/pax-gold - Paxos — PAXG developer guide: https://docs.paxos.com/guides/stablecoin/paxg - Paxos — PAXG Terms: https://www.paxos.com/terms-and-conditions/pax-gold-terms-conditions - Paxos — PAXG transparency: https://www.paxos.com/paxg-transparency - Paxos — USDL wind-down: https://www.paxos.com/newsroom/winding-down-usdl-lift-dollar - Paxos — Stablecoin issuance: https://www.paxos.com/stablecoin-issuance