Stablecoin Issuer Firm Paxos has applied for the National Bank Trust Charter in the Office of the Secretary of Currency (OCC) and is the latest US Stablecoin company seeking federal regulatory oversight.
According to a press release Monday, Paxos aims to convert the New York Department of Financial Services (NYDFS) trust charter into a national charter.
Paxos issues Pyusd Stablecoin for payment company PayPal. He is also a founding member of the consortium behind the Global Dollar (USDG) tokens.
“The (The)OCC Director helps us build on our historic commitment to maintaining the highest standards of safety and transparency,” said Charles Cascarilla, CEO and co-founder of Paxos, in a statement.
Paxos' movement follows similar applications by rival publishers as competition is growing in the fast-growing Stablecoin market. Ripple, the issuer of Circle (CRCL), the company behind the $65 billion USDC (USDC) token, and RLUSD, applied to National Bank Trust Charters last month. The US Congress also made rules on stable rocks and publishers last month by President Donald Trump signing the Genius Act, improving the clarity of regulations in the sector.
The company received conditional approval of the National Bank Trust Charter in 2021, but the application expired in 2023 before Paxos received full approval from the OCC.
Read more: NYDFS Fine Stablecoin Issueer Paxos Binance's Busd-linked Compliance Failure
