Paxos, a stablecoin issuer, has cut its workforce by 20%, reducing its team to 65 employees. This decision comes despite the company having over $500 million in assets, aiming to enhance efficiency and focus on stablecoins and asset tokenization.
CEO Charles Cascarilla announced the layoffs in an internal email, emphasizing the company’s strong financial position. The shift in strategy follows regulatory pressures and the halting of a Binance-related stablecoin. Paxos is also moving away from commodities and securities settling services.
In a significant move, Paxos launched the Lift Dollar (USDL) in the UAE, regulated by the FSRA of Abu Dhabi Global Market. This new stablecoin offers yields comparable to U.S. Treasury bonds, aimed at markets like Argentina to boost adoption.
This strategic shift underscores Paxos’ commitment to innovation in the digital currency space, focusing on stablecoins and tokenization to leverage emerging market opportunities.
