After facing a tough time in 2023 when the New York Department of Financial Services (NYDFS) ordered Paxos to cease issuing Binance’s BUSD, the company shifted its focus towards tokenization and stablecoins. At its peak, BUSD had a market value of $16 billion, making the regulatory intervention a major blow for Paxos. Despite this setback, Paxos persevered and pivoted towards exploring new avenues for growth, with tokenization becoming a central area of focus for the company.
