Paxos Seeks Federal Charter Amid Stablecoin Regulatory Shift

Reading Time: < 1 minute

Paxos, the issuer of PayPal USD and Pax Dollar, has filed for a national trust bank charter, seeking to transition from New York state oversight to federal regulation under the OCC.

The move comes as stablecoin issuers increasingly pursue clearer regulatory frameworks.

The application follows President Trump’s signing of the GENIUS Act, which establishes stablecoin guidelines.

“OCC oversight will reinforce our commitment to safety and transparency,” said Paxos CEO Charles Cascarilla.

Ripple and Circle have also recently applied for federal banking licenses.