01 /
Brief
PAXG $2.3B tokenized gold. PYUSD for PayPal. Mastercard payment infra.
02 /
Snapshot
Key terms and identifiers.
- Asset classes
- Treasuries, Commodities
- Token standards
- erc-20
- Regulatory
- us-stablecoin-acts, singapore-mas, trump-eo-digital-assets
- Jurisdiction
- USAPAC
- Analytics
- defillama.com/stablecoin/pax-dollar
03 /
Milestones
How this player got here.
- Nov 2025Acquired Fordefi to expand institutional custody infrastructure
- Jul 2025Global Dollar (USDG) launched in the EU under MiCA, FIN-FSA, and MAS regulation
- Jan 2025Stablecoin license in Singapore
- Jun 2024PAXG crosses $500M
04 /
Connections
Who they build with, build on, integrate with.
Flow
Capital, products, and distribution moving outward.
Dependency
Where this player builds on, integrates, or relies on others.
Tension
Direct competition or overlapping market position.
