Cryptocurrency firm Paxos Trust Company has reapplied for a U.S. national trust bank charter, seeking to bolster its position within the established financial system. This move positions the company among other digital asset firms aiming to strengthen their presence in traditional banking institutions. Approval from the U.S. Office of the Comptroller of the Currency (OCC) would allow Paxos to hold customer assets under federal oversight and streamline payment processing. The license, however, won’t enable the company to accept cash deposits or issue loans, distinguishing it from traditional banks. 2023 marks a renewed application attempt, following a previous preliminary conditional approval in 2021 and subsequent expiry. If approved, Paxos would transition to federal oversight overseen by the OCC, potentially offering significant regulatory weight both domestically and globally.