Mint
To mint a Paxos-issued stablecoin, first add a destination wallet address to let us know where you want your stablecoin to be sent. Next, create minting instructions to define:
- A: How you want to send USD to the Paxos platform from your bank account. Currently supported options include bank wire (SWIFT or ABA), DBS-ACT* and CUBIX.
- B: What stablecoin you want to receive. Currently supported options include USDG, PYUSD and USDP.
- C: Where you want the stablecoin to go (the destination wallet address). Each stablecoin supports a different set of crypto networks for withdraws.
Finally, use information from the minting instructions to send USD to the Paxos platform. When the funds reach our bank account, we automatically execute the instructions and send the requested stablecoin to the designated address.
* DBS-ACT may need to be activated before it can be used. Contact Support for details.
Mint from USD
Paxos stablecoins are available on a number of different networks, and each stablecoin has it's unique set of networks available for minting. The currently supported minting options for each stablecoin are listed below.
| Asset to Mint | Supported Network |
|---|---|
| USDG | Ethereum |
| PYUSD | Ethereum, Solana |
| USDP | Ethereum, Solana |
The most common minting flow, which is presented here, is the automated USD > Stablecoin flow. However, the Paxos platform supports a number of different minting options to support other use cases.
This guide goes through the steps for minting USDG on Ethereum. The flow is the same for both PYUSD and USDP, only the stablecoin and network options are different.
➊ Add Destination Wallet Address
For each network you mint a stablecoin on, first add the destination wallet address you want to receive the minted stablecoin in before creating the minting instructions. If you don't do this, you will not be able to complete the minting instructions.
To add a new destination wallet address, go to Addresses and use to get started. Once added, the address is available as an option when sending a digital asset to an external wallet (i.e., a crypto withdrawal).
add or delete crypto addresses permission to perform this action.- Provide a name and select the blockchain network.
- Retrieve the external wallet address and paste it in the Network Address field.Off-platform Transfers
Network Addresses are used to send crypto off the Paxos platform. Ensure the address is correct before using it. Assets sent to the wrong address may not be recoverable.
- Provide beneficiary details for the recipient, if required. Learn more about beneficiary details requirements.
- Save the address.
Saved addresses cannot be modified; however, they may be deleted and re-added with modified information.
See Addresses for details.
➋ Create Minting Instructions
Now that you've added the appropriate minting destination wallet address for the stablecoin/network minting pair(s), configure the USD > Stablecoin minting instructions. For this guide, we are minting USDG on Ethereum.
create or delete conversion rules permission to perform this action.- Go to the Dashboard and use to start configuring minting instructions.
- Select USD as the asset you have.
- For the source, select External Account/Wallet and then the fiat network you use to send USD to Paxos. The minting instructions will be different depending on the options you select.
- Next, Select the asset you want. For this guide we're minting USDG.
- For the destination, select External Account/Wallet and then choose one of the available networks and one of the existing Addresses. For this guide, select the destination wallet address created earlier.
- Name and save the instructions. Minting instructions are reusable!
Save the minting instructions to make them easy to retrieve from Saved Instructions. You can reuse the saved instructions any time you need to mint a stablecoin. Saved instructions are immutable, so once configured they always execute the exact same way.
- Use to review the minting instructions. You can download the instructions for reference when sending USD to Paxos. If you saved the instructions, they are always available from Saved Instructions.
Optionally, test the minting instructions before minting large volumes of stablecoins.
➌ Send USD to Paxos to Initiate Minting
Use the information from the minting instructions to send USD to the Paxos platform. Remember to include the Account Identifier in your bank's "memo" or "instructions" field every time you send us a wire. Failure to include the Account Identifier may result in delays or returned deposits. That way Paxos will apply the proper minting rules.
When the funds reach our bank account, we automatically execute the instructions and send the requested stablecoin to the designated destination wallet address.
➍ Review Transaction Status
As soon as Paxos receives your USD, you'll see a new Fiat Deposit record at Transactions >Asset Movements. It usually takes a minute or two for the system to show the associated Crypto Withdraw record. The actual crypto withdraw may take anywhere from seconds to hours, depending on the blockchain, mint amount and off-business-hour transactions. Transactions have the following status:
- Pending: The transaction is executing, which may include a manual review. If a transaction is pending for an extended duration, contact Support.
- Failed: If a transaction shows the failed status, contact Support.
- Complete: The transaction is successful.
Crypto network fees are calculated at the time of withdraw. The fees are deducted from the total deposit amount. Use the View action to see a fee breakdown and other transaction details.
Alternate Minting Flows
Paxos supports manual minting flows with a number of different options. Following are a few options:
- Deposit USD, then perform a manual convert followed by a manual transfer.
- Use to deposit USD and convert it to a stablecoin, keeping it on-platform in the Profile of your choice, followed by a manual transfer.
The desired option may not be supported by the Entity or by the Paxos platform. Reach out to your Entity Manager or contact us for help.