Stablecoin -Mittent Paxos follows Circle and Ripple when applying for US Banking License

Stabile And tokenization company Paxos has submitted an application to the Office of the Comptroller of Currency (OCC) for a National Trust Charter, the company announced on Monday.

If approved, the application will upgrade the existing New York Department of Financial Services (NYDFS) Charter of the company, allowing it to do business in the United States.

“The OCC is the leading global Banks. Paxos believes that the national designation will unlock new opportunities for growth and efficiency and at the same time kept the highest standards of supervision,” said a spokesperson for Paxos Decodeer.

“Approval of the application would bring Paxos under federal supervision and enable us to offer rigorous, efficient solutions to customers at a crucial time at which the stablecoin legislation finally exists at the federal level,” they added.

The relocation of Paxos follows previously announced National Bank Charter requests from Stablecoin firm circle And Ripple. The applications come on the back of improved regulatory clarity around stablecoins with the Signing the genius action and the OCC’s May -Announcement This enabled national banks to manage, buy and sell Crypto assets under their custody.

“We have brought our activities more refined to offer tailor -made products to the world’s largest financial companies. As such, we believe that we can better achieve our mission and support the goals of our customers through a national charter,” said Paxos spokesperson.

Last week, Paxos decided with regard to the launch of a Binance Stablecoin (BUSD) that was used illegally by American customers. The company paid $ 26.5 million to the state of New York To resolve the issue.

Paxos, located in New York, publishes Stablecoins such as PayPal’s Pyusd and Paxg. It features Mastercard, Interactive Brokers and Mercadolibre as users of its tokenization, guardianship and trade services.