Paxos has reportedly laid off roughly 20% of its staff, with the decision communicated via email on Tuesday. Paxos co-founder and CEO Charles Cascarilla informed 65 employees of the layoffs, marking a reduction in the company’s headcount to between 200-300.
This move aims to position Paxos for growth in the tokenization and stablecoin market, leveraging its strong financial position with over $500 million on the balance sheet. Recently, Paxos International launched Lift Dollar (USDL), a first-of-its-kind regulated, yield-bearing stablecoin available in Argentina.
USDL partners with global crypto platforms to provide safe, daily yields on stablecoins. This strategic adjustment underscores Paxos’ commitment to innovation and leadership in the evolving digital asset ecosystem.
