All Paxos stablecoins have been issued from the company’s New York trust with prudential oversight from the New York State Department of Financial Services. By partnering with PayPal, Paxos is enabling a new level of adoption and utility that will define the next wave of stablecoin growth. The Paxos platform empowers our enterprise partners to enable payments, settlement, remittances and other real world use cases of stablecoins for hundreds of millions of end users. The Paxos stablecoin platform leverages Ethereum and will expand into multiple other blockchains as it helps to create a more open, accessible economy for all. Paxos stablecoins USDP and PYUSD are issued by Paxos Trust Company and regulated by the New York Department of Financial Services.