Paxos
Regulated stablecoin issuer and blockchain financial infrastructure provider

Regulated blockchain infrastructure group whose US trust-bank entity issues or manages USDP, PYUSD, and other covered assets while regional affiliates support products such as USDG. Current terms identify issuer and reserve arrangements separately by token and entity. For PYUSD, Paxos is the issuer and reserve manager while PayPal distributes and integrates the product. Stablecoins are not ordinary bank deposits or legal tender, and redemption, eligibility, reserve, issuer, and network risks remain product-specific.