Key Takeaways
- Charles Cascarilla co-founded Paxos to use blockchain technology for faster, safer, and more transparent transactions between financial institutions.
- He began his career as a Financial Analyst at Goldman Sachs, where he gained valuable experience in market analysis and investment strategies.
- Since 2018, he has been a Founding Board Member of ADAM, promoting ethics and transparency in the digital asset industry.
- Paxos issues PayPal USD (PYUSD) and Global Dollar (USDG), wound down Binance USD (BUSD) in 2023 and moved to a national trust charter in December 2025.
Who Is Charles Cascarilla?
Charles Cascarilla is known as the CEO and co-founder of Paxos. He also played a big role in launching Cedar Hill Capital Partners in 2005 and Liberty City Ventures in 2012. Cascarilla earned his Bachelor of Business Administration and Finance from the University of Notre Dame and holds the Chartered Financial Analyst (CFA) designation from the CFA Institute.
| Date | Milestone |
|---|---|
| 2000 to 2001 | Financial analyst at Goldman Sachs |
| July 2012 | Partner at Liberty City Ventures; co-founds itBit, a bitcoin exchange the fund incubates in Singapore |
| July 2014 | Becomes CEO of itBit as the company moves to New York |
| September 2016 | itBit renames itself Paxos |
| November 2018 | Founding board member of the Association for Digital Asset Markets (ADAM) |
| 21 February 2023 | Paxos stops minting Binance USD (BUSD) on the order of New York’s Department of Financial Services |
| August 2023 | PayPal launches PayPal USD (PYUSD), issued by Paxos |
| November 2024 | Paxos launches Global Dollar (USDG) |
| August 2025 | Paxos agrees to a $26.5 million NYDFS penalty over past compliance issues |
| 12 December 2025 | Paxos turns its New York trust charter into a national trust charter after OCC approval |
Early Career and Investment Banking
Cascarilla started his career as a Financial Analyst at Goldman Sachs from 2000 to 2001. There, he worked in investment banking and financial analysis, learning to evaluate markets and investments. This experience helped prepare him for later asset management, venture capital, and digital finance roles.
Digital Asset Industry Leadership
Since November 2018, Charles Cascarilla has been a Founding Board Member of the Association for Digital Asset Markets (ADAM). This organization promotes ethical standards, transparency, and best practices in the digital asset field to create a fair and well-regulated market.
Asset Management and Financial Services
Before working in venture capital, Cascarilla co-founded Cedar Hill Capital Partners. From 2004 to early 2014, he was a Portfolio Manager and Head of Research. At Cedar Hill, he managed different investment funds, including hedge, venture, and private equity. His primary focus was on financial services and related industries, where he handled investment strategies and looked for growth opportunities.
Venture Capital and Early-Stage Investments
Cascarilla has been a Partner at Liberty City Ventures since July 2012. Liberty City Ventures invests in early-stage companies and supports entrepreneurs who are changing the internet and mobile industries.
The firm focuses on media, e-commerce, payments, financial services, and brand engagement. Liberty City Ventures helps startups grow by offering advice and financial support, helping them succeed in their markets.
Co-Founding Paxos
Cascarilla co-founded itBit, a bitcoin exchange that Liberty City Ventures incubated in Singapore in 2012, and became its CEO in July 2014, when the company moved to New York. itBit changed its name to Paxos in September 2016. The rebranding reflected the company’s goal of using blockchain technology to improve how financial institutions work together worldwide.
Paxos focuses on making transactions between global financial organizations faster and safer by using a system that all parties agree on. The company offers services for digital asset storage, payments, and securities settlement in a regulated way.
Stablecoins and Crypto Growth
On September 26, 2022, Charles Cascarilla, CEO and Co-Founder of Paxos, joined the Thinking Crypto Podcast. He discussed Paxos’ crypto solutions, including their Stablecoins Pax Dollar (USDP) and Pax Gold (PAXG).
The talk also covered important topics like Stablecoin and crypto regulations, Bitcoin adoption, and the growth of NFTs, giving a clear view of how Paxos is impacting the cryptocurrency industry.
BUSD, PayPal USD and Global Dollar
Paxos issued Binance USD (BUSD) for Binance until February 2023, when New York’s Department of Financial Services (NYDFS) ordered it to stop minting the token. Minting ended on February 21, 2023, and Paxos says it wound down more than $16 billion of BUSD without the token losing its dollar peg. The SEC closed its BUSD investigation in July 2024 without recommending enforcement action. In August 2025, Paxos agreed to a $26.5 million NYDFS penalty over historical compliance issues, including its Binance partnership.
Paxos also issues PayPal USD (PYUSD), which PayPal launched in August 2023. In November 2024, it launched Global Dollar (USDG), issued by a Paxos company regulated by the Monetary Authority of Singapore. USDG powers the Global Dollar Network, which rewards partners such as Robinhood, Kraken and Mastercard for growing its use. In July 2025, USDG became available in the EU under the MiCA rules.
On December 12, 2025, after approval from the Office of the Comptroller of the Currency (OCC), Paxos converted its New York trust charter, held since 2015, into a national trust charter. It also holds licenses in Singapore and, for the EU, in Finland.
Paxos and the Blockchain Revolution
As the CEO and co-founder of Paxos, Cascarilla is leading efforts to change the financial services industry using blockchain technology. The company aims to build a faster, safer, and more transparent economic system by using blockchain for quicker transactions, better compliance, and stronger financial systems. Paxos keeps working on new ideas to help financial institutions adjust to the fast-changing finance industry.
Personal Philosophy and Vision
Cascarilla’s leadership focuses on new ideas, teamwork, and strong ethical values. He is dedicated to building an open, inclusive financial system where technology can make positive changes. He believes blockchain can give more people access to financial services and help connect traditional finance with digital finance.
From Investment Banking to Leading Paxos
Charles Cascarilla has made important contributions to the financial and digital asset industries. Starting in investment banking and later leading Paxos, he has worked to improve financial transactions using blockchain technology.
His focus on transparency, ethics, and new ideas is clear through his work with ADAM and his leadership at Paxos. Cascarilla aims to create a more open and efficient financial system, making him a key figure in the future of finance.
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