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Paxos Applies for National Bank Trust Charter, Joining Stablecoin Issuers Circle, Ripple
The stablecoin issuer seeks to convert its New York Department of Financial Services license to federal oversight
Aug 11, 2025, 3:59 p.m.
What to know:
- Paxos has applied for a national bank trust charter with the OCC, seeking to convert its New York state oversight into federal supervision.
- The move follows similar applications by rival stablecoin issuers like Circle and Ripple.
- Paxos previously received conditional approval for a national trust charter in 2021, but the application expired in 2023.
Stablecoin issuer firm Paxos has applied for a national bank trust charter with the Office of the Comptroller of the Currency (OCC), making it the latest U.S. stablecoin company to seek federal regulatory oversight.
According to a Monday press release, Paxos aims to convert its New York Department of Financial Services (NYDFS) trust charter into a national one, a move that would put the firm under federal supervision.
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Paxos issues the PYUSD stablecoin for payments firm PayPal, and it's also a founding member of the consortium behind the token.
"[The] OCC oversight will help build on our historic commitment to maintaining the highest standards of safety and transparency," Charles Cascarilla, CEO and co-founder of Paxos, said in a statement.
Paxos' move follows similar applications by rival issuers as competition is heating up in the fast-growing stablecoin market. Circle (CRCL), the company behind the $65 billion token, and Ripple, issuer of RLUSD, applied for national bank trust charters last month. The U.S. Congress also enacted rules for stablecoins and issuers with President Donald Trump signing the GENIUS Act into law last month, improving regulatory clarity for the sector.
The company obtained conditional approval for a national bank trust charter in 2021, but their application expired in 2023 before Paxos was able to receive full approval from the OCC.
Read more: NYDFS Fines Stablecoin Issuer Paxos $26.5M for Compliance Failures Tied to Binance’s BUSD
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Five Crypto Firms Win Initial Approvals as Trust Banks, Including Ripple, Circle, BitGo
The firms have obtained conditional approval from the Office of the Comptroller of the Currency to convert into national trust banks.
What to know:
- Crypto firms Circle, Ripple, Fidelity Digital Assets, BitGo and Paxos received conditional approval by the OCC to become federally chartered trust banks.
- The move sets up firms to follow in the footsteps of Anchorage Digital, the first to get a federal bank trust charter in the U.S.
- A slew of stablecoin issuers and crypto firms, including Coinbase, filed for federal oversight after GENIUS Act was written into law.
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