Is Paxos safe?

I've been hearing a lot about Paxos lately, especially in the context of digital assets and blockchain technology. But I'm still a bit uncertain about its safety. So, I'm wondering if Paxos is truly secure? I've heard that they have some sort of regulatory oversight, but what does that actually mean for the safety of my funds? Are there any known security breaches or vulnerabilities that Paxos has faced? And how do they ensure that my digital assets are protected against theft or fraud? These are some of the questions that I have in mind when it comes to evaluating the safety of Paxos. I'd appreciate any insights or clarifications that you could provide.