Stablecoins issued with prudential oversight from established and reputable regulators represent a significant step towards democratizing access to commerce and financial services. Walter Hessert, Paxos Head of Strategy, commented, “Blockchain technology is revolutionizing the global financial system to be more open, secure and innovative. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. It is the issuer of numerous regulated digital assets including PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG). With offices in New York, London and Singapore, Paxos takes a global approach to modernizing the financial system.