Report: Paxos Seeks US Trust Bank License From OCC
Main Idea
Paxos Trust Company, the firm behind PayPal's stablecoin PYUSD, is applying for a national trust bank charter from the U.S. Office of the Comptroller of the Currency (OCC).
Key Points
1. Paxos is seeking to convert its current New York limited purpose trust into a national trust bank charter under the OCC.
2. If approved, Paxos would join other digital asset firms like Circle and Ripple that have recently applied for OCC trust bank licenses.
3. Paxos previously secured preliminary approval in 2021, but its earlier application expired in 2023.
4. Anchorage Digital is currently the only digital asset firm with an OCC trust bank charter.
5. The application comes as Paxos settled $48.5 million in charges with New York regulators over past dealings with Binance and amid new U.S. stablecoin regulations.
Description
Paxos Trust Company, the cryptocurrency firm behind Paypal’s stablecoin PYUSD, is seeking a national trust bank charter from the U.S. Office of the Comptroller of the Currency (OCC), Reuters reported. If approved, Paxos would convert its current New York limited purpose trust charter into a federal one, enabling it to hold assets and settle payments
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