Paxos Alternatives for Stablecoin Issuance and Crypto APIs

Paxos is a regulated blockchain infrastructure company. It issues stablecoins for itself and for partners: Global Dollar (USDG), Pax Gold (PAXG), Pax Dollar (USDP) and PayPal USD (PYUSD) for PayPal. It also runs white-label crypto brokerage, custody and payout APIs for fintechs and banks. On December 12, 2025 its New York trust company converted to a national trust bank, Paxos Trust Company, N.A., supervised by the OCC, per a Paxos post.

The product many people remember, Binance USD (BUSD), is gone. New York's Department of Financial Services ordered Paxos to stop minting it in 2023, and on August 7, 2025 Paxos settled with the regulator for $48.5 million over weak due diligence on Binance, The Block reported.

The six alternatives below are for businesses: issuing a stablecoin, holding customer crypto, or adding buy and sell to an app. Most quote prices only after a sales call.

Prices below are as of November 8, 2026. Our method is on How we review tools.

Quick comparison

Circle

Circle is the issuer of USDC and EURC, and the most direct rival to Paxos as a dollar stablecoin issuer. Circle Mint is the institutional account where exchanges, wallets, banks and fintechs mint and redeem USDC against dollars. Applicants go through KYC and sanctions checks, which Circle says can take a day to a week or more.

Finance Magnates reported that on July 10, 2026 the OCC gave Circle final approval for a national trust bank, First National Digital Currency Bank, N.A., to operate as Circle National Trust. Around Mint, Circle sells the Circle Payments Network and is building its own chain, Arc.

Best for: Businesses that want to hold, mint and redeem USDC directly instead of through an exchange.

Pricing:

• Circle Mint: price on request; no fee schedule is published
• Not offered to retail customers or for personal minting

Watch out for:

• In March 2023, $3.3 billion of USDC reserves sat at the failed Silicon Valley Bank and USDC traded well below $1 for a weekend, per Circle's own statement after the funds were released.

Official site: Circle.

Anchorage Digital

Anchorage Digital Bank N.A. was the first crypto firm with an OCC national trust charter, years before Paxos got one. Its pitch to issuers is close to the Paxos model: the bank mints the coin, holds the reserves and carries the regulatory load, and the brand partner distributes it.

Tether chose Anchorage to issue USAT, its US-regulated dollar stablecoin, which Decrypt reported launched on January 27, 2026 with Cantor Fitzgerald holding reserves. The same bank also offers custody, staking, settlement and tokenized deposits.

Best for: Brands that want a US bank as the legal issuer of their stablecoin.

Pricing:

• Stablecoin issuance and custody: price on request
• Fee schedule not published

Watch out for:

• The OCC put Anchorage under an anti-money-laundering consent order in 2022 and only ended it in August 2025, Decrypt reported.

Official site: Anchorage Digital.

Bridge

Bridge, now part of Stripe, turns stablecoin issuance into an API product. A company can launch its own coin, convert it to and from USD, USDC or USDT, and keep part of the yield on reserves, which Bridge says are held in US Treasuries earning 3% to 4%. Bridge's site lists OUSD as one coin live on it.

Next to issuance, Bridge sells orchestration for moving stablecoins, embedded wallets and stablecoin-backed cards. In the EEA it operates as Bridge Building S.A., authorised in Luxembourg by the CSSF as a crypto-asset service provider and e-money institution.

Best for: Fintechs and platforms that want their own stablecoin without building a trust company.

Pricing:

• Issuance, orchestration, wallets and cards: price on request via a demo
• Issuers keep part of the reserve yield

Watch out for:

• Bridge's US arm, Bridge Building Inc., is a licensed money transmitter (NMLS 2450917), not a chartered bank or trust company, so it sits under state rather than OCC supervision.

Official site: Bridge.

BitGo

BitGo is known first for custody: qualified custody, hot and cold wallets, and wallet-as-a-service for platforms. Its charter is now federal too, through BitGo Bank & Trust, N.A., and the BitGo site gives its NYSE ticker as BTGO.

Stablecoin-as-a-Service covers minting, attestations and GENIUS Act compliance for companies that want their own coin. For a Paxos customer who mostly used Paxos custody, BitGo is the most complete swap, with trading, financing and staking in the same prime account.

Best for: Institutions that need regulated custody first and stablecoin issuance second.

Pricing:

• Custody: a percentage of assets under custody, set by contract
• PayGo fee on withdrawals to non-BitGo addresses, plus network fees
• Trading and enterprise rates: price on request

Watch out for:

• BitGo does not publish a single fee schedule across products, so budgeting needs a quote.

Official site: BitGo.

zerohash

For apps that used Paxos Crypto Brokerage to let customers buy bitcoin, zerohash is the closest match. Its APIs add crypto trading, stablecoin payouts and on- and off-ramps to someone else's product, and it powers features inside Stripe, Nuvei and MoonPay.

It holds a MiCA licence from the Dutch AFM for the EEA. Payment Expert reported in January 2026 that zerohash raised $104 million in October 2025 at a $1 billion valuation, led by Interactive Brokers, and that talks for Mastercard to buy it for about $2 billion had collapsed, with zerohash saying it was not entertaining an acquisition.

Best for: Fintechs and brokers that want a white-label crypto and stablecoin back end.

Pricing:

• Price on request; no public rate card

Watch out for:

• No rates are published, so comparing it with Paxos brokerage pricing needs quotes from both.

Official site: zerohash.

Fireblocks

Fireblocks sells the tooling rather than the licence. You get MPC wallets, a policy engine, tokenization, a network of 2,000+ counterparties and 30+ connected exchanges, across 80+ blockchains, and you stay the regulated party. That suits a bank or fintech that wants to issue or move stablecoins under its own licence.

It is also the one provider on this page with public pricing. Essentials costs $999 a month for up to six months and includes $1,000,000 of outbound volume a quarter, 5,000 embedded wallets and five users. Larger teams move to custom annual plans.

Best for: Regulated firms that want wallet and token infrastructure without handing over custody.

Pricing:

• Essentials: $999 a month (USD), up to six months; $1,000,000 quarterly outbound volume
• Overage on Essentials: 0.20% per transaction
• Custom plans (Pro, Enterprise, Enterprise+): from $36,000 a year

Watch out for:

• Tokenization, staking and cold wallets are add-ons on Essentials, and volume above the quota costs 0.20% per transaction, per the Fireblocks pricing page.

Official site: Fireblocks.

How to choose

When to stay with Paxos

Paxos is still one of few firms that will issue a stablecoin under another company's brand, as it does for PayPal, from a federally chartered bank. It also holds a MiCA e-money licence in Finland and a Major Payments Institution licence in Singapore, per its homepage. If you need a gold token, PAXG remains its own product with no direct rival on this list.

Frequently asked questions