Stablecoin issuer Paxos has filed for a national trust bank charter with the U.S. Office of the Comptroller of Currency (OCC), joining Ripple and Circle in seeking federal oversight. This move reflects a growing trend among crypto firms aiming to enhance transparency and safety within their operations. Paxos’ application aligns with the broader objective of regulatory compliance, seeking increased market trust by aligning itself with established financial norms.** The company emphasizes its commitment to maintaining high standards while the application process does not affect existing customer services or token redemption processes. This strategic move could lead to enhanced market reputation and competitive pressure on peers who are also exploring federal charters. Paxos’ National Trust Bank Charter Application is a significant development, potentially impacting regulatory frameworks for stablecoins in the future.