Catenaa, Wednesday, August 13, 2025-Stablecoin issuer Paxos announced it has applied for a national trust charter with the Office of the Comptroller of the Currency (OCC), marking the latest crypto firm seeking federal oversight by converting its New York Department of Financial Services trust charter into a national one.
Paxos, known for issuing PayPal USD and Pax Dollar, said the move aims to strengthen its infrastructure’s safety and transparency, providing reassurance to both enterprise partners and consumers.
Charles Cascarilla, CEO and co-founder of Paxos, stated the firm believes blockchain technology is transformative and that OCC oversight will help uphold the highest standards.
Ripple and Circle have similarly filed for banking licenses with the OCC in recent months, reflecting a growing trend of crypto firms seeking national regulatory frameworks.
This regulatory momentum follows the Trump administration’s favorable stance on crypto and the signing of the GENIUS Act, which establishes federal guidelines for stablecoins.
Paxos also recently settled with New York’s Department of Financial Services after the regulator found lapses in due diligence related to its partnership with Binance on the BUSD stablecoin, along with deficiencies in anti-money laundering protocols.
Paxos said these issues were identified years ago and have since been corrected.
The national trust charter is expected to reinforce Paxos’s commitment to global standards of safety and transparency in the rapidly evolving crypto sector.
