Paxos subsidiary receives U.S. SEC approval as clearing agency

Stablecoin issuer Paxos announced its subsidiary, Paxos Securities Settlement Company (PSSC), has received approval from the U.S. Securities and Exchange Commission (SEC) to register as a clearing agency. This allows PSSC to provide securities clearing and settlement services in accordance with the Securities Exchange Act. Paxos added that with this approval, PSSC has become the first blockchain-native registered clearing agency in the U.S.