Paxos adds Dogecoin to its brokerage and custody platform
The Dogecoin Foundation's corporate arm has partnered with Paxos to integrate DOGE into its brokerage and custodial infrastructure, potentially expanding access to memecoin through integrated financial channels.
According to Monday's announcement, Dogecoin (DOGE) will be available through Paxus' brokerage and custody platform, allowing the company's fintech, payments and institutional clients to evaluate support for memecoin.
Paxos provides crypto infrastructure for many major fintech and brokerage platforms, including PayPal, Venmo, Interactive Brokers and Mercado Libre.
The partnership does not mean that those companies directly provide DOGE business or security services. However, it makes the asset available to Paxos customers to evaluate and integrate into their own product offerings.
Whether the partnership translates into meaningful adoption remains to be seen. Although Dogecoin is the largest memecoin by market capitalization — $15.53 billion according to CoinMarketCap data — and has historically shown a strong correlation to broader crypto market sentiment, institutional demand for the asset is still Bitcoin (BTC) and Ether (ETH).
There are signs that institutional interest is gradually expanding. In the year In January 2025, Greyscale launched the Greyscale Dogecoin Trust, a private investment vehicle for accredited investors seeking exposure to DOGE.
Asset manager 21Shares was approved to list the Dogecoin ETF in the United States earlier this year.
Dogecoin Market Capitalization, 2014-Present. Source: CoinMarketCap
Related: Crypto Biz: Institutions Strengthen Their Control Over Bitcoin, AI and Prediction Markets
Crypto investment products face a continuous outflow
Paxos DOGE's launch comes amid clear signs of weakened market demand for digital assets in institutional and retail circles. According to CoinShares, crypto exchange-traded products recorded a net inflow of $1.67 billion last week, marking the third consecutive week of outflows. Total spending during that time was $4.21 billion.
The pullback reflected broader risk-averse sentiment, with investors weighing inflation, energy prices and ongoing geopolitical tensions in the Persian Gulf.
Demand for digital assets has weakened, although investors have turned back to riskier assets such as AI and semiconductor stocks. James Butterfill, head of research at CoinShares, said the trend may partly reflect the lack of progress on the CLARITY Act, the US market structure for digital assets.
Crypto ETPs record another week of massive outflows. Source: CoinShares
Separate data from blockchain intelligence firm TRM Labs suggests a slowdown in retail adoption. In April, TRM reported that global crypto adoption fell 11% in the first quarter, indicating weak participation despite continued institutional participation in select areas of the market.
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