The present invention is directed to a novel catalyst composition and its use in the dehydrogenation of paraffins to olefins. The catalyst comprises an alloy of a Group VIII noble metal and a metal selected from the group consisting of zinc and gallium on a support selected from the group consisting of silica, zinc oxide modified silica and zinc oxide modified silica-pillared clays when said alloy is a zinc alloy, and silica, gallium oxide modified silica and gallium oxide modified silica-pillared clays when said alloy is a gallium alloy. The instant catalyst is an active and selective catalyst for the catalytic dehydrogenation of paraffins to olefins, especially gaseous paraffins, having the added benefit of retaining high activity and selectivity even following repeated regeneration by calcination in oxygen containing gas at temperatures of 450.degree. C. to 650.degree. C., preferably 450.degree. C. to 500.degree. C.