Paxos Trust Company, issuer of the USDP stablecoin, has resubmitted its application to convert its New York trust license into a full-fledged US national bank charter. This formal filing with the OCC marks their renewed effort in securing federal regulatory approval for asset custody and payment settlement across the United States. The company previously obtained conditional approval in April 2021, but it expired in March 2023 due to failure to meet pre-opening requirements within the stipulated timeframe. Since 2015, Paxos has operated under a New York trust license. The company’s CEO, Charles Cascarilla, believes that regulatory oversight by the OCC would bolster market confidence and safety while enhancing transparency.