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Paxos cuts 20% of workforce amid strong financials due to 'de-prioritizing adjacencies'

source-logo  cryptoslate.com 13 June 2024 01:14, UTC

Stablecoin issuer Paxos downsized its workforce by 20% despite robust finances and optimistic growth projections in the stablecoin market, Bloomberg reported on June 12.

In an email that notified employees of the change, Paxos CEO Charles Cascarilla said the staff reduction will allow the company to “best execute on the massive opportunity ahead in tokenization and stablecoins.”

According to a report from the Block, Cascarilla predicted that:

USDP), which has a $135.9 million market cap, and Pax Gold (PAXG), which has a $429.8 million market cap.

The company is also responsible for PayPal USD (PYUSD), which has a market cap of $398.8 million. Paxos extended PYUSD’s availability to the Solana blockchain in May.

Paxos International, the company’s UAE-based affiliate, announced the launch of a yield-bearing stablecoin called Lift Dollar (USDL) on June 5.

The company continues to redeem and convert Binance USD (BUSD) after halting the stablecoin’s issuance in February 2023 following Binance’s decision to end for the stablecoin. BUSD continues to circulate even though issuance has ended, with a market cap of $70.5 million.