ISSUERS · RESERVES · TRANSPARENCY
Paxos | Issuer snapshots (USDP, PAXG, USDG) — Oct 2025
Research note • Multi-product issuer view • Token supply vs. redemption assets
Paxos
USDP
PAXG
USDG
Reserve reporting
Why Paxos matters (issuer lens)
| Issuer role | Paxos operates as an issuer across multiple “reserve-backed” instruments, where the core institutional question is coverage + asset type + reporting discipline. |
|---|---|
| How to read the products | The key is not the brand label—it’s the redemption assets and the evidence trail: what backs the token, how frequently it is reported, and what independent work supports the assertion. |
USDP (Pax Dollar) — token supply vs. redemption assets
| Oct 10, 2025 • Redeemable tokens | 63,264,568 USDP |
|---|---|
| Oct 10, 2025 • Total redemption assets | $63,488,535 |
| Oct 31, 2025 • Redeemable tokens | 55,711,456 USDP |
| Oct 31, 2025 • Total redemption assets | $55,732,558 |
USDP redemption assets (by type)
| Cash |
Oct 10: $57,558,535 Oct 31: $49,808,558 |
|---|---|
| Government money market funds |
Oct 10: $5,930,000 Oct 31: $5,924,000 |
| U.S. Treasury obligations |
Oct 10: $0 Oct 31: $0 |
PAXG (Pax Gold) — token supply vs. gold backing
| Report date | October 31, 2025 (5:00 PM ET) |
|---|---|
| Total PAXG redeemable tokens outstanding | 332,551 (tokens) |
| Total redemption assets | 332,551 fine troy ounces of gold |
USDG (Global Dollar) — coverage assertion snapshot
| Oct 10, 2025 | USDG redemption assets asserted to be at least equal to or greater than USD 910,730,502, with an excess buffer of USD 2,176,565. |
|---|---|
| Oct 31, 2025 | USDG redemption assets asserted to be at least equal to or greater than USD 1,005,923,645, with an excess buffer of USD 3,083,565. |
CryptoWisely.io Comment
Paxos is useful to track because it shows an “issuer operating model” across multiple reserve-backed instruments.
The institutional work is always the same: define redemption, validate coverage, understand asset types, and keep the evidence trail current.
CryptoWisely Insight: For treasury and payments teams, the real differentiator is not the chain—it’s the issuer governance + reserve discipline + redemption predictability.
CryptoWisely Insight: For treasury and payments teams, the real differentiator is not the chain—it’s the issuer governance + reserve discipline + redemption predictability.
Sources
| USDP report (PDF) | USDP Pax Dollar Transparency Report (Oct 2025) → |
|---|---|
| PAXG report (PDF) | PAXG Pax Gold Transparency Report (Oct 2025) → |
| USDG report (PDF) | USDG Global Dollar Transparency Report (Oct 2025) → |
Disclaimer: This note is for planning purposes only and does not constitute legal, financial, or investment advice. Always validate current disclosures and applicable regulatory requirements before execution.