Who are Paxos competitors?

As a keen observer of the cryptocurrency and finance landscape, I'm curious to delve deeper into the competitive dynamics within this rapidly evolving sector. Specifically, I'm interested in understanding who Paxos' key competitors are. Given Paxos' position as a leading provider of blockchain-based financial services, I'm keen to know which other players in the market are posing the most significant challenge to their dominance. Are there any established financial institutions leveraging blockchain technology to offer similar services? Or are there emerging startups with innovative solutions that are gaining traction? I'd appreciate a comprehensive overview of Paxos' competitors, highlighting their key strengths and areas of differentiation.