Bitcoin is holding up following a strong bounce from $30,000 support.
Paxos's reserves consisted of only cash and U.S. Treasury bills.
Credit Suisse, Instinet and Societe Generale are also part of the program, which is meant to shrink stock settlement times to hours, not days.
The market cap of gold-backed tokens has surged 30-fold since the start of 2020, according to one research firm.
Sherrod Brown specifically pointed to the OCC trust charters granted to Paxos, Protego and Anchorage.
Investors are buying and no longer panicking.
The Paxos Settlement Service has been built with blockchain tech to speed up stock-trade settlement.
The back-end provider for PayPal and Venmo is raising “confidence capital” to expand operations, said CEO Charles Cascarilla.
Paxos earns a provisional trust charter through the U.S. Office of the Comptroller of the Currency.
Instinet and Credit Suisse helped hit the “T+0” settlement cycle for U.S. equities.
The serial entrepreneur, payments veteran and pugnacious tweeter will focus on building Paxos' white-labeled stablecoin business.
Fresh off its partnership with PayPal, Paxos is making a new push into the decentralized finance market.
Paxos has raised $142 million to facilitate mainstream adoption. “We think that opportunity is now,” said CEO Charles Cascarilla.
Paxos has filed to become a federally regulated bank with the U.S. Office of the Comptroller of the Currency, joining BitPay and Anchorage.