Paxos Seeks National Trust Bank Charter to Expand Services and Strengthen Regulatory Standing
Main Idea
Paxos is seeking a national trust bank charter to expand its services, including stablecoin offerings, as part of a broader trend of crypto firms pursuing banking licenses to enhance regulatory compliance and operational scope.
Key Points
1. Paxos has filed with the OCC to convert its NYDFS trust charter into a national trust bank charter, aiming to broaden its service capabilities.
2. Paxos CEO highlights the company's commitment to regulatory oversight and compliance, positioning this move as a step forward in blockchain and stablecoin services.
3. Paxos initially obtained a limited trust charter from NYDFS in 2015 but faced delays in securing a national bank license, which expired in 2023.
4. Other crypto firms like Circle (USDC issuer) and Ripple (XRP) are also pursuing banking licenses, with Anchorage Digital currently being the only U.S.-based digital asset platform with a national trust bank charter.
5. Paxos has secured regulatory approvals in multiple jurisdictions, including Singapore and Abu Dhabi, reflecting its global expansion strategy.
Description
Paxos Moves Towards Becoming a National Trust Bank Paxos, a leading issuer of regulated stablecoins like Pax Dollar (USDP) and PayPal USD (PYUSD), has filed for regulatory approval with the Office of the Comptroller of the Currency (OCC) to convert its New York Department of Financial Services (NYDFS) trust charter into a national trust bank charter. This move would allow Paxos to expand its services, including the ability to manage and hold assets on behalf of its customers, accept cash deposit...
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