StableCOin Issuerfirma Paxos has applied for a charter to the National Bank Trust with the Office of Comptroller of the Controller for the Currency (OCC)Which makes it the latest US StableCOin company seeking federal legislative supervision.
According to a press release on Monday, Paxos aims to convert his New York Department of Financial Services (Nydfs) Trust charter to a national, a step that would put the company under federal supervision.
Paxos Issuer Pyusd StableCOin for Payments Company PayPal, and it is also a basic member of the consortium behind the global dollar (USDG) Token.
“[The] OCC supervision will help build on our historical commitment to maintaining the highest standards of security and transparency, “Charles Cascarilla, CEO and co-founder of Paxos, said in a statement.
Paxos’ relocation follows similar applications from rival issuers as competition heated in the rapidly growing stablecoin market. Circle (CRCL)The company behind USD 65 billion USDC (USDC) Token and Ripple, issuer of RLUSD, applied for Charter’s National Bank Trust last month. The US Congress also adopted rules for stableecoin and issuers with President Donald Trump, who signed the Genius Act in the law last month, which improved legislative clarity for the sector.
The company obtained conditional approval of a charter for the National Bank Trust in 2021, but their application expired in 2023 before Paxos was able to receive full approval from OCC.
Read more: Nydf’s fines StableCOin issues Paxos $ 26.5 million
