Paxos’ equity settlement business goes live with Credit Suisse and Nomura’s Instinet as first clients

Stablecoin issuer Paxos has officially ventured into the business of blockchain-based equity settlement.

Announcing the news on Thursday, Paxos said Credit Suisse and Nomura’s Instinet are the first two firms to use its settlement service, which helps settle select U.S. listed equity trades.

The service operates on a private and permissioned network. "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],” a Paxos spokesperson told The Block.