Paxos Cuts 20% of Staff: Bloomberg

Paxos has laid off 65 people, or 20% of its staff, as it shifts focus toward tokenization and stablecoins, according to a Bloomberg report that cited an earlier article by The Block. In an all-hands email obtained by Bloomberg, CEO Charles Cascarilla said the layoffs "allows us to best execute on the massive opportunity ahead in tokenization and stablecoin" and that the company is in a "very strong financial position to succeed." A company spokesperson said Paxos has more than $500 million of corporate assets on its balance sheet, separate from customer assets. Paxos intends to gradually discontinue its settlement services in commodities and securities, Bloomberg reported.