Paxos Pursues Federal Charter as Crypto Regulation Evolves

In a bid for greater regulatory clarity, stablecoin issuer Paxos has applied for a national trust bank charter under the OCC.

The firm, which currently operates under a New York license, joins Ripple and Circle in seeking federal oversight as crypto regulation takes shape.

The push follows the GENIUS Act’s passage, which provides a framework for stablecoins.

“This step reinforces our commitment to transparency and security,” said Paxos CEO Charles Cascarilla, framing the move as key to blockchain’s role in financial innovation.