Paxos obtains SEC approval for clearing agency registration

Blockchain infrastructure platform and stablecoin issuer Paxos announced that its subsidiary Paxos Securities Settlement Company has obtained registration as a clearing agency from the U.S. SEC, allowing it to provide clearing and settlement services as a central securities depository in the United States. The SEC had previously issued a no-action letter to Paxos in October 2019, permitting it to pilot blockchain-based U.S. stock settlement services, which went live in February 2020. Paxos stated that the pilot achieved same-day settlement, reduced costs, and improved operational efficiency within a regulated framework. The stablecoins and digital assets issued by Paxos include PayPal USD, Global Dollar, and Pax Gold. The SEC issued a Wells Notice to Paxos regarding the issuance of Binance USD in 2023 and concluded its investigation in 2024; Paxos also reached a $48.5 million settlement with NYDFS regarding compliance issues related to Binance and BUSD in August 2025.

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