The stablecoin Paxos issuing firm has requested a National Bank Trust letter with the Office of the Mint (OCC)turning it into the last Stablcoin company in the United States to seek federal regulatory supervision.
According to a press release on Monday, Paxos aims to convert his New York Financial Services Department (NYDFS) Trust in the letter in a national one, a measure that would put the company under federal supervision.
Paxos issues the Pyusd Stablecoin for the PayPal payments firm, and is also a founding member of the consortium behind the global dollar (USDG) symbolic.
“[The] The supervision of the Occ will help build our historical commitment to maintain the highest safety and transparency standards, “Charles Cascarilla, CEO and Paxos co -founder said in a statement.
The Paxos movement follows similar applications of rival emitters, since the competition is heating in the rapidly growing Stablecoin market. Circle (CRCL)The company behind the $ 65 billion of USDC (USDC) Token, and Ripple, RLUSD issuer, requested the National Bank Trust letters last month. The United States Congress also promulgated rules for Stablecoins and issuing with President Donald Trump signing Genius law last month, improving regulatory clarity for the sector.
The company obtained conditional approval for a National Banking Trust Charter in 2021, but its application expired in 2023 before Paxos could receive the total approval of the Occ.
Read more: NYDFS Pedes Stablecoin Issuer Paxos $ 26.5m for Failure Failures Linked to Binance’s Busd
