Stablecoin Issuer Paxos Seeks National Trust Charter Following Circle and Ripple

Paxos Trust Company, a prominent stablecoin issuer, has formally submitted an application to the Office of the Comptroller of the Currency (OCC) for a national trust charter. This action is perceived as an effort to solidify the company’s regulatory standing and broaden its financial service offerings within the United States. Paxos’s decision follows similar moves by other cryptocurrency firms such as Circle and Ripple, indicating a growing trend towards regulation and compliance within the digital currency industry. If granted, the charter would authorize Paxos to operate as a national trust institution, granting it expanded regulatory powers and access to financial markets nationwide. This signifies a substantial milestone for Paxos, potentially boosting investor and customer confidence in its stablecoin products and contributing to wider adoption of digital currencies.