Paxos has also built a comprehensive technology stack that Cascarilla has described as a "plug-and-play" service. Its bread-and-butter product is a type of cryptocurrency known as stablecoins—a form of digital money pegged to a convention currency like the U.S. dollar, and backed 1-to-1 by an audited pool of reserves. Paxos has issued its own tradable stablecoin, and also white-labeled stablecoins offered by several cryptocurrency exchanges.

https://fortune.com/2020/12/17/paypal-investment-round-crypto-firm-paxos/?stream=top