Paxos Seeks National Bank Trust Charter for Federal Regulatory Oversight
Paxos has applied for a national bank trust charter with the Office of the Comptroller of the Currency (OCC). This move aims to transition from its New York Department of Financial Services (NYDFS) trust charter to federal oversight.
Key points include:
- Paxos issues the PYUSD stablecoin for PayPal.
- Paxos is a founding member of the Global Dollar (USDG) consortium.
- CEO Charles Cascarilla emphasized the importance of OCC oversight for safety and transparency.
- Rival firms Circle and Ripple have also applied for national bank trust charters recently.
- The U.S. Congress enacted stablecoin regulation through the GENIUS Act last month.
- Paxos received conditional approval for a national charter in 2021, but it expired in 2023 before full approval.