The stablecoin issuer has started to offer services in the field of blockchain equity settlements, The Block reports.
Swiss financial holding Credit Suisse and broker Instinet, owned by the Japanese firm Nomura, have become the first clients of the service, which allows to settle select US listed equity trades. Société Générale plans to start using this new Paxos service in the future.
The service operates on a private network with limited access. A Paxos representative said:
"It's the first time that blockchain is being used in a live environment, the first time that U.S. equities are settling outside the DTC/NSCC [Depository Trust Company/ National Securities Clearing Corporation system]."
Paxos received in October approval from the US Securities and Exchange Commission (SEC) to offer equity trading on its blockchain platform for brokers.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.