Walter Hessert, head of strategy at Paxos, said his company became the first crypto broker to receive a trust charter under the NYDFS digital asset regulatory regime, joining industry leaders such as Coinbase and Gemini.
“In the eyes of regulatory authorities, Paxos is the most law-abiding and regulated stablecoin issuer. Paxos' approach to working with NYDFS on issuance issues differs significantly from its competitors. While Tether has been criticized for offshore operations and Circle offers USDC through multiple blockchains not regulated by the NYDFS, Paxos prioritizes compliance with all regulatory requirements. We are the only company in the world that issues regulated stablecoins on such a significant scale,” Hessert emphasized.
He also noted that NYDFS approval will expand Paxos' ability to offer the asset, which was previously limited to the Ethereum blockchain ecosystem.
Paxos recently conducted a survey indicating that the vast majority of the US financial industry is exploring the use of blockchain and cryptocurrencies.
Source: Bits
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