PAXOS applies to the creation of a national Trust Bank in the United States – retreat star-news.press/wp

The New York -based StablecoCoinoper Paxos Trust Company has announced its intention to apply for the National Charter at Trust Bank in the United States, according to Reuters on Monday.

Paxos joins Ripple and Circle in the endeavor

If the Currency Observer Office (OCC) is granted from the observer office Payment leveling.

However, the Reuters report notes that unlike traditional banks, StableCoin Development Company will not be allowed to accept cash deposits or extension of loans.

This transition will lead to the conversion of the current limited Paxos Charter for purposes from the New York Ministry of Financial Services to a Federal Charter under OCC.

Exclusively interview With Reuters, a source familiar with the situation said that this increased scrutiny could carry a great weight in the sophisticated scene of digital financing.

Paxos previously tried to secure the National Trust Bank Charter in 2020, and obtained an initial conditional approval from OCC in 2021 alongside companies such as Anchorage Digital and Protego Trust Bank. However, the application eventually stopped and expired in 2023.

Currently, Anchorage Digital is the only digital company that has a National Charter Stablecoin Isuer Circle (CRCL) and Blockchain Ripple payments have applied requests for the bank’s national covenants in recent weeks.

48 million dollars settlement on Binance supervision issues

Paxos plays a pivotal role in the coded currency ecosystem by providing Blockchain and Stablecoin infrastructure. The company exports many stablecoins, including Pyusd PayPal, which is proud Market value It exceeds one billion dollars.

The recent legislative developments in the United States have pushed Stablecoin. Last month, President Donald Trump signed the law of genius, establishing a regulatory framework for Stablecoins.

Such an important landmark, prompted experts to believe that it could pave the way for these cryptocurrencies in dollars until it becomes a standard way of transactions and money transfers.

This organizational progress follows concerted Pressure Through the encryption industry, which contributed more than 245 million dollars to the candidates who support the rent during the previous electoral session.

Paxos has also faced challenges in its partnerships. Earlier this year, New York organizers ordered the company to stop the Binance’s Stablecoin, Busd, which led to the end of its partnership with Crypto Exchange.

In addition, Paxos recently settled for $ 48.5 million on charges related to insufficient supervision of illegal activities associated with Bennes, following the approval of guilt from the former CEO of Binance ChangPeng Zhao (CZ), regarding violations of US funds control laws.

Distinctive image from Dall-E, Chart from TradingView.com

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