US EditionExclusive-Paxos Joins Spate of Crypto Companies Applying for US Trust Bank Licenses
UNITED STATES, AUG 11 – Paxos aims for federal oversight to enhance digital asset management and stablecoin operations after a $48.5 million settlement over compliance failures, joining Ripple and Circle.
- On August 11, 2025, Paxos Trust Company submitted an application to the federal agency responsible for national bank charters seeking approval to operate as a national trust bank.
- Paxos previously sought a national charter in 2020 but its application stalled and expired in 2023 amid regulatory scrutiny and a settlement with New York authorities.
- If approved, Paxos would shift from its existing state-level trust license in New York to a federally regulated charter, enabling the company to oversee and safeguard customers' digital assets across the United States.
- CEO Charles Cascarilla stated that OCC oversight will build on Paxos' commitment to "the highest standards of safety and transparency" and unlock new growth opportunities.
- Paxos' move follows similar national trust charter applications by Circle and Ripple amid improved regulatory clarity from the recently enacted GENIUS Act.
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15 Articles
Exclusive-Paxos joins spate of crypto companies applying for US trust bank licenses
Paxos Trust Company, the cryptocurrency firm behind PayPal's stablecoin, said it is applying to create a national trust bank in the U.S., joining a raft of digital asset companies looking to gain a larger foothold in the traditional financial system.If the charter is granted by the U.S. Office of the Comptrol
Exclusive: Paxos joins spate of crypto companies applying for US trust bank licenses
Crypto platform Anchorage Digital is currently the only digital asset company with a national trust bank charter. Stablecoin firm Circle (CRCL.N) … Source link The post Exclusive: Paxos joins spate of crypto companies applying for US trust bank licenses | Reuters first appeared on Crypto News Wire.
Paxos Reapplies For US Trust Bank License After 2023 Lapse - FinanceFeeds
Paxos Trust Company, the cryptocurrency firm behind PayPal’s $1 billion PYUSD stablecoin, is once again seeking to become a federally regulated trust bank, as digital asset companies push deeper into the U.S. financial system. The company confirmed on Monday that it has applied to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter. If approved, Paxos would convert its current limited-purpose trust license from …
Key news: Paxos has requested to convert his New York fiduciary license into a national license under the federal supervision of the OCC. The new federal license will complement his international supervision in Europe, Singapore and Abu Dhabi. The company maintains all of its 1:1-backed assets with protected reserves and ensures that the transition will not affect the continuity of service or security for its users. Paxos announced that he has f…
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