Paxos Applies for National Bank Trust Charter, Joining Stablecoin Issuers Circle, Ripple
Main Idea
Paxos, a stablecoin issuer, has applied to convert its New York state trust charter into a national one under the Office of the Comptroller of the Currency (OCC), seeking federal regulatory oversight.
Key Points
1. Paxos aims to transition from New York Department of Financial Services (NYDFS) oversight to federal supervision under the OCC.
2. The company issues the PYUSD stablecoin for PayPal and is a founding member of the Global Dollar (USDG) consortium.
3. Other stablecoin issuers like Circle (USDC) and Ripple (RLUSD) have also pursued federal charters, following regulatory clarity from the GENIUS Act.
4. Paxos previously faced a $26.5M fine from NYDFS for compliance failures related to Binance’s BUSD.
Description
Stablecoin issuer firm Paxos has applied for a national bank trust charter with the Office of the Comptroller of the Currency (OCC), making it the latest U.S. stablecoin company to seek federal regulatory oversight. According to a Monday press release, Paxos aims to convert its New York Department of Financial Services (NYDFS) trust charter into a national one, a move that would put the firm under federal supervision. Paxos issues the PYUSD stablecoin for payments firm PayPal, and it's also a fo...
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