Paxos Aims to Become US National Trust Bank

Paxos, a major player in the stablecoin and tokenization space, has officially submitted an application to become a national trust bank under the Office of the Comptroller of Currency (OCC). This move comes after Paxos previously received a limited trust charter from the New York Department of Financial Services (NYDFS) in 2015. This new application seeks to convert its existing New York license into a national trust bank charter.