Paxos Streamlines Staff to Prioritize Tokenization and Stablecoins

Following a challenging period in 2023, Paxos shifted its focus to tokenization and stablecoins. The New York Department of Financial Services (NYDFS) had mandated Paxos to cease issuing Binance’s BUSD, which had a peak market value of $16 billion. This regulatory intervention was a major setback for Paxos. However, the company persevered by exploring new growth opportunities, with tokenization becoming a primary area of focus.