Binance Exchange Is First Client for Paxos' New Dollar Gateway

The regulated firm is opening up its stablecoin-to-USD swaps facility to third parties, starting with Binance.

AccessTimeIconNov 12, 2019 at 2:01 p.m. UTC
Updated Sep 13, 2021 at 11:41 a.m. UTC

Regulated blockchain company Paxos has launched a product allowing crypto exchange customers to more easily fund their accounts with traditional money.

With its new Fiat Gateway service, Paxos said Tuesday that users will be able to execute simple swaps between U.S. dollars and stablecoins, including the firm's own Paxos Standard (PAX).

Notably, Binance, the world’s largest cryptocurrency exchange by trading volume, will be the first to integrate the product. The firm will also have its stablecoin, Binance USD (BUSD), included in the swap options.

“Paxos is a trusted partner that keeps innovating ways to make traditional and digital assets more interoperable. The new Fiat Gateway is the fastest, simplest U.S. dollar on/off ramp for our customers. We look forward to working more closely with Paxos to integrate additional solutions,” said Changpeng "CZ" Zhao, Binance's CEO.

Binance may work with Paxos to integrate additional solutions in future, CZ said, though he didn't provide any specifics. The exchange has only recently started adding fiat funding options, having launched deposits in rubles, euros and other currencies in recent weeks.

While Paxos’ Fiat Gateway will facilitate swaps between fiat currency and stablecoins, the company announced a second offering called Stablecoin Swap that allows fee-free 1:1 interoperability between Paxos-powered stablecoins.

Both of Paxos' new services can be integrated into third-party platforms via an application programming interface (API). Previously, these facilities were available only for customers using

“The APIs will help our technology can become more widely available and scalable,” said Charles Cascarilla, Paxos CEO and co-founder.

Notably, the U.S. Securities and Exchange Commission granted Paxos Trust Company no-action relief in October, allowing it to settle equity securities trades on its blockchain platform for broker-dealers. Credit Suisse and Société Générale would be the first two companies to utilize the service, Paxos announced at the end of last month.

CZ image courtesy of Binance


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.