Paxos Labs: The Enterprise On-Chain Stack Nobody Has Built Yet

Every major fintech, neobank, and exchange now supports crypto. You can buy Bitcoin on PayPal. You can hold stablecoins on Revolut. Cash App will let you send satoshis to your cousin. That part is now table stakes. The harder question, the one we keep hearing from enterprise executives, is: now what? Your users' idle balances aren't generating yield. Your payment operations still route through legacy rails. And every dollar that leaves your platform is a dollar you stop monetizing.

This is the gap Paxos Labs built to address.

Paxos spent over a decade building the plumbing: regulated brokerage, stablecoin issuance, payments: $180B+ in tokenization activity, $3.5B+ in payments volume, 10M+ active wallets. But the conversation with enterprise clients has moved past plumbing. They want branded assets, programmable money, yield-bearing products, deeper financial experiences that keep users on-platform. And they don't want to spend two years stitching together compliance, custody, liquidity, and strategy to get there. Paxos Labs is a new venture incubated within Paxos, built for exactly this: a modular platform that lets enterprises launch and manage onchain financial products without rebuilding every layer themselves.

The “Amplify” product suite is organized around three modules. Mint lets enterprises issue and manage their own branded stablecoins with redemption, reserves, and compliance built in. Earn is an embedded yield product living inside the enterprise's own front end: it routes capital dynamically, defaulting to USDG as a "shared economic floor" and plugging into Aave, Morpho and other DeFi venues when onchain rates are better. Borrow integrates credit markets so users can access liquidity against digital asset holdings without leaving the platform. The team continues to invest in R&D for the onchain products that come next, driving value and utility back to platforms and their users.

Why Paxos Labs specifically? Paxos already counts Interactive Brokers, Nubank, Stripe, PayPal, Mastercard, Robinhood, Kraken, and OKX as clients. A decade of regulatory-first infrastructure has made Paxos the name enterprises turn to when they want to do something onchain. Labs inherits that brand, and the core values while being led by Chad Cascarilla  enabling the team to move at startup speed — shipping product, partnering across ecosystems, and innovating further out. The business model aligns incentives: partners earn programmatically from the activity each module drives, so adoption compounds revenue on both sides.

Our conviction here is personal. Blockchain Capital first backed Paxos — and Charles Cascarilla — years ago. In parallel, my own path into crypto ran through Penn Blockchain. Chunda McCain was my co-president at the time, and Jun Kim was a member. After Penn, Jun and Chunda were both Research Scholars at Blockchain Capital. They went on to co-found Ion Protocol, which evolved into Nucleus — a structured products issuance desk that powered vault infrastructure. Paxos acquired Nucleus to form the core of Paxos Labs. We knew the founders. We knew the parent. When the opportunity materialized, the decision wasn't a leap — it was a convergence.

Charles (Chad) Cascarilla, co-founder and CEO of Paxos, who also serves as CEO of Paxos Labs., founded Paxos over a decade ago and built it into one of the most important regulated infrastructure companies in crypto. Bhaumik (Bhau) Kotecha, co-founder overseeing product and strategy, spent three and a half years at Paxos scaling enterprise partnerships (PayPal, Binance) and launching new stablecoins (USDL in Abu Dhabi, USDG with Global Dollar Network consortium). Before Paxos, Bhau spent six years at Square and Cash App on international expansion, Boost, and M&A — firsthand experience with exactly the fintech platforms Paxos Labs now sells into. Bhau built the Amplify concept and drives much of the commercial vision. Chunda leads GTM and sales; he scaled FranklinDAO, worked on an early version of Royco at Pentagon, and co-founded Ion/Nucleus. Jun leads engineering; he built extensively in the Cosmos ecosystem and architected the infrastructure powering the product suite.

Every cycle produces a new layer of infrastructure that becomes invisible to the end user. Paxos built that layer for custody and issuance — we backed them when they were laying the plumbing. Paxos Labs is building that layer for onchain financial products, and they're starting with a client list most startups spend a decade trying to assemble. The plumbing is ready; now it needs to do something. With Paxos' distribution, a platform that solves a problem enterprises are already asking to have solved, and a team we've known since the early days of Penn Blockchain, the pieces are in place. We're excited to back them.