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Charles Cascarilla co-founded Paxos in 2012 with Rich Teo (the company started as itBit) and serves as CEO and co-founder. His strategy is to be the regulated issuer behind other brands' stablecoins, not only a house-brand issuer.
On 12 December 2025, Paxos completed conversion of its New York limited-purpose trust into Paxos Trust Company, N.A., supervised by the U.S. Office of the Comptroller of the Currency (OCC). U.S. issuance of PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG) sits under that federal trust (Paxos newsroom and OCC charter blog).
This founder highlight covers Cascarilla's path from Cedar Hill and Liberty City Ventures into Paxos, the 2015 NYDFS first-mover charter, the 2025 OCC conversion, USDG and the Global Dollar Network, the Fordefi custody acquisition, Paxos Securities Settlement Company's clearing-agency registration, and where white-label issuance breaks for treasury teams.
For a peer payments-infrastructure exit, see Jesse Hemson-Struthers. For Stripe's Bridge path, see Zach Abrams. For a fiat-backed issuer CEO, see Jeremy Allaire.
Key Takeaways
- Cascarilla co-founded Paxos in 2012 with Rich Teo; the firm started as itBit.
- 2015: first NYDFS limited-purpose trust for digital assets (company claim, restated in OCC press).
- 12 Dec 2025: OCC conversion to Paxos Trust Company, N.A.; PYUSD, USDP, PAXG issued under that trust.
- USDG is issued by Paxos Digital Singapore (MAS MPI) and Paxos Issuance Europe (MiCA/FIN-FSA).
- Global Dollar Network launched with Anchorage, Bullish, Galaxy, Kraken, Nuvei, Robinhood et al. (Nov 2024 PR).
Who Charles Cascarilla is
Cascarilla's public bio runs through Cedar Hill Capital Partners (co-founded 2005), Liberty City Ventures (2012), and earlier analyst roles at Goldman Sachs and Bank of America. He holds a Notre Dame BBA and is a CFA charterholder.
On 11 March 2025, he testified before the U.S. House Financial Services Committee on a federal framework for payment stablecoins. In that written testimony he names enterprise partners including PayPal, Mastercard, Mercado Libre, Robinhood, Stripe, and Interactive Brokers. See the House written testimony PDF and Paxos hearing newsroom post.
Stablecoin Insider's read: Cascarilla sells regulated issuance capacity to enterprises that want a branded dollar without building a trust company from scratch. That is a different founder lane from Jeremy Allaire's Circle/USDC issuer path.
The regulated-issuer thesis: brands on top, Paxos underneath
Paxos's public positioning is blockchain infrastructure for institutions: brokerage, custody, settlement, and stablecoin issuance. Newsroom About copy repeatedly names partners such as PayPal, Interactive Brokers, Mastercard, Mercado Libre, and Nubank. House testimony additionally lists Stripe and Robinhood among enterprises using Paxos infrastructure.
The product implication for operators is simple. You may market a partner brand's stablecoin while redemption, reserve attestation, and supervisory perimeter still run through Paxos entities. That split is the point of the model, and it is also the concentration risk.
If you are wiring merchant acceptance rather than studying founders, start with how to enable PayPal PYUSD settlement for merchant rewards or how to accept USDC payments.
2015 NYDFS charter to 12 Dec 2025 OCC conversion
Paxos states it received the first NYDFS limited-purpose trust charter for digital assets in 2015. Cascarilla's OCC conversion quote repeats that first-mover claim in the 12 December 2025 Paxos newsroom release.
On 12 December 2025, Paxos announced OCC approval and completed conversion the same day to a national trust charter. U.S.-based activity of the prior New York trust moved under OCC supervision as Paxos Trust Company, N.A..
Paxos's OCC charter explained post states that PYUSD and PAXG are issued by Paxos Trust Company, N.A., with issuance, reserves, and custody inside that chartered entity. The same blog says the firm has operated under OCC supervision since the conversion date.
OCC conditional approval materials also flag that the national bank needs a written OCC "no objection" before offering or marketing USDG through a multi-jurisdictional issuance platform. That condition is why Stablecoin Insider keeps USDG's issuer map separate from the U.S. trust.
PYUSD, USDP, PAXG, and the BUSD wind-down lesson
Under the U.S. trust, Paxos issues PYUSD for PayPal, plus house assets USDP and PAXG. Paxos's OCC press positions PYUSD as the largest U.S. dollar-backed stablecoin issued by a federally regulated entity after conversion, and PAXG as the gold-backed digital asset under that federal oversight.
Circulation moves. Stablecoin Insider's own PYUSD Q2 2026 report put circulating supply near ~$2.7B to $2.8B by mid-June 2026 after a March peak near ~$4.2B. Treat those figures as dated secondary/editorial coverage, not a live attestation.
The named historical stress test is BUSD. Around 2023, the Binance-branded dollar issued via Paxos was wound down amid partner-compliance pressure. Secondary coverage has argued the token did not depeg through that wind-down; Stablecoin Insider attributes that claim carefully and does not treat it as an audited guarantee for future white-label exits.
For treasury, the lesson is operational: map the legal issuer, the brand owner, and the supervisory perimeter as three different rows, not one logo.
USDG and the Global Dollar Network
Global Dollar (USDG) is not issued by the U.S. national trust. Per Paxos and globaldollar.com/about-usdg, Paxos Digital Singapore (a Major Payments Institution supervised by MAS) issues USDG, and Paxos Issuance Europe issues under FIN-FSA / MiCA.
On 4 to 5 November 2024, partners launched the Global Dollar Network. The PR Newswire release names initial partners Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood.
GDN's pitch is open distribution with shared economics for partners that mint, hold, or distribute USDG. That is Cascarilla's multi-brand thesis applied as a network rather than a single white-label contract.
Secondary market coverage in mid-2026 has described USDG crossing ~$1B supply alongside other newer dollars. Stablecoin Insider treats that as attributed market commentary unless your diligence pulls a dated primary attestation.
| Milestone | Date / figure | Source posture |
|---|---|---|
| Paxos founded (as itBit) | 2012; Cascarilla + Rich Teo | Company / testimony bio |
| NYDFS limited-purpose trust | 2015 (first digital-asset claim) | Paxos OCC press / Cascarilla quote |
| House Financial Services testimony | 11 Mar 2025 | House PDF + Paxos newsroom |
| Global Dollar Network launch | 4–5 Nov 2024 | PR Newswire / Paxos newsroom |
| USDG issuers | Paxos Digital Singapore (MAS MPI); Paxos Issuance Europe (MiCA/FIN-FSA) | globaldollar.com / Paxos About |
| Fordefi acquisition announced | 25 Nov 2025; terms undisclosed | Paxos newsroom; Fortune >$100M secondary |
| OCC conversion completed | 12 Dec 2025 → Paxos Trust Company, N.A. | Paxos newsroom + OCC blog |
| U.S. issued assets | PYUSD, USDP, PAXG under PTCNA | Paxos OCC blog |
| PSSC clearing agency registration | Announced 28 May 2026 | Paxos newsroom / SEC order |
| PYUSD supply (dated) | ~$2.7–2.8B mid-June 2026 after ~$4.2B Mar peak | SCI Q2 2026 PYUSD report (secondary) |
Fordefi acquisition and PSSC clearing registration
On 25 November 2025, Paxos announced it had acquired Fordefi, an institutional MPC wallet and custody platform. Primary terms were undisclosed; Fortune secondary coverage described the deal as more than $100M. See Paxos: acquires Fordefi.
Cascarilla's newsroom framing: combine Paxos's regulated custody with Fordefi's wallet, policy engine, and DeFi connectivity so enterprises can issue, tokenize, and run payment flows on one platform. Fordefi said it would keep operating independently while Paxos integrates over time.
On 28 May 2026, Paxos announced that Paxos Securities Settlement Company, LLC (PSSC) received SEC registration as a clearing agency under Section 17A. Paxos calls PSSC the only blockchain-native firm registered to provide clearing and settlement as a central securities depository in the U.S. See Paxos PSSC newsroom release.
That registration sits next to, not inside, the stablecoin thesis. It shows Cascarilla pushing the same regulated-infrastructure brand into post-trade securities rails after a multi-year SEC path that Paxos dates to a 2019 no-action letter and a 2020 equities settlement pilot.
Peer map: Allaire, Abrams, Hemson-Struthers
Jeremy Allaire built Circle as a primary USDC issuer brand. Cascarilla often sits behind someone else's brand while keeping the trust charter.
Zach Abrams sold Bridge to Stripe. Jesse Hemson-Struthers sold BVNK to Mastercard. Those are infrastructure exits. Cascarilla is still building the regulated issuance and settlement platform rather than selling it into a card network or processor.
If your diligence question is "who is the legal issuer of the dollar in my treasury wallet," start with Cascarilla's map. If your question is "who owns the checkout rail," start with Abrams or Hemson-Struthers.
Who this founder profile is for (and who should skip it)
Read this if you evaluate white-label stablecoin issuers, multi-jurisdictional dollar programs, or OCC-trust counterparties for PYUSD/USDG exposure. Skip if you need a merchant checkout recipe, a generic "what is a stablecoin" explainer, or a claim that BUSD-era wind-downs guarantee future partner exits.
Brand marketing will keep saying PayPal, Robinhood, or Global Dollar. Your counterparty memo should still say which Paxos legal entity issues, custodies, and redeems.
FAQ
Who is Charles Cascarilla?
Charles Cascarilla is CEO and co-founder of Paxos, which he started in 2012 with Rich Teo (originally as itBit). His public bio includes Cedar Hill Capital Partners, Liberty City Ventures, Goldman Sachs and Bank of America analyst roles, a Notre Dame BBA, and CFA charterholder status.
What did the 12 December 2025 OCC conversion change?
Paxos converted its NYDFS limited-purpose trust into Paxos Trust Company, N.A., under OCC supervision. Paxos says U.S.-issued PYUSD, USDP, and PAXG sit under that national trust, with continuity of service claimed through the change.
Who issues PYUSD versus USDG?
PYUSD is issued by Paxos Trust Company, N.A. for the PayPal brand. USDG is issued by Paxos Digital Singapore (MAS Major Payments Institution) and by Paxos Issuance Europe under FIN-FSA / MiCA, not by the U.S. national trust.
What is the Global Dollar Network?
GDN is an open partner network launched around 4–5 November 2024 to distribute USDG. PR Newswire named initial partners Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood.
What happened with BUSD?
BUSD was a Binance-branded dollar issued via Paxos that was wound down around 2023 under partner-compliance pressure. Secondary coverage has argued it did not depeg during wind-down; operators should still treat white-label exits as issuer and brand risk, not as a branding detail.
Why do Fordefi and PSSC matter to a stablecoin founder profile?
The 25 Nov 2025 Fordefi acquisition extends Paxos into institutional MPC wallets and on-chain custody. The 28 May 2026 PSSC clearing-agency registration extends the same regulated-infrastructure thesis into U.S. securities clearing and settlement.
Map the legal issuer before you size PYUSD or USDG exposure, then compare acceptance rails if you are wiring checkout.
This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice; no material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell any financial instrument, and readers should conduct their own independent research or consult a qualified professional.
