Paxos joins Circle and Ripple in the race for a banking license in the US

By Hannah Pérez

Paxos revealed that he has initiated the process of requesting a National Fiduciary Banking Charter before the Office of the Comptroller of the United States Currency.

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• Paxos begins request for a bank letter in the United States.
• Ripple and Circle also pursue the same objective, and Coinbase considers bank status.
• A license from the West would guarantee Paxos a federal compliance, instead of just just.
• PayPal’s Pyusd station operates with a key permission from the state of New York.

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The infrastructure company Blockchain, Paxos Trust Companyhas submitted a request to obtain a banking license in the United States, joining the list of cryptocurrency companies that point to the same address.

In a press release, Paxosknown for issuing the Stablecoin Pyusd PayPalhe informed that he has initiated the process of Application of a National Fiduciary Banking Charter before the Office of the Comptroller of the Currency (Occ) of the USA.marking its transit from the state regulation to the federal sphere.

Today, We Announce The That has filed an Application to convert our nydfs trust charter into a national trust charter under the office of the competroller of the currency.https: //t.co/gvmdwteuli

– Paxos (@paxos) August 11, 2025

If obtaining, the federal fiduciary letter would allow Paxos Manage customer assets and expedite payments, without powers to receive deposits or grant loans, functions reserved exclusively to traditional banks. The company emphasizes that its business model will remain intact, although under a more robust regulatory framework with greater international recognition.

Paxos seeks a bank license in the US.

This is not the first time that Paxos Find this authorization; His first attempt, initiated in 2020, received a conditional approval in 2021, but the process did not conclude and the request expired in 2023, as he recalls Reuters. In this new phase, Paxos He hopes that the regulatory environment – implemented for greater regulatory clarity – will be more conducive.

Since 2015, the company has been operating under the supervision of the Department of Financial Services of the State of New York (NYDFS) when it became the first plaintiff of the industry Blockchain in receiving a limited purpose trust letter. Paxos He issued the first Stablecoin Regulated in 2018, thanks to that license.

“For more than a decade, Paxos has established the standard for supervision and regulatory compliance”Said Charles Cascarilla, CEO and co -founder of Paxos In the statement. “When requesting a National Fiduciary Banking Charter, we continue to offer business partners and consumers the safer and reliable infrastructure available. ”

This has its roots in our belief in Blockchain’s transforming power as force for financial freedom.

Global Safety and Transparency Standards

Paxoswhich also has compliant with regulatory statutes in Europe, Singapore and the United Arab Emirates, said that a permit of the OSH will reinforce its commitment. ”to keep the highest global safety and transparency standards“

In addition, He indicated in his statement that all assets issued will remain supported 1: 1 for reservations in dollars, treasure bonds and cash equivalents, ensuring their availability even in bankruptcy scenarios.

Circle and Ripple also look for bank cards

Paxos It adds to a growing trend in which digital asset industry companies seek to guarantee some type of bank status in the United States. So much CircleUSDC issuer, such as Ripplecreator of RLUSD, have recently requested their respective national fiduciary letters.

Currently, the only digital asset company with this type of letter in the US is Anchorage Digital. Meanwhile, others like Coinbase and Bitgo They are also considering the bank license.

This movement occurs in a favorable regulatory context. Last month, the United States Congress approved the genius law that establishes a clear regulatory regime for Stablecoinswhich offers a more solid framework for these initiatives. Historical legislation was signed by President Donald Trump.

Last week, Paxos reached an agreement with the Department of Financial Services of the State of New York (NYDFS) for USD $ 48.5 million due to failures in the prevention of money laundering in relation to the issuance of the Stablecoin BUSD in alliance with Binance. The company stopped issuing that Token in 2023 after an order of the local authority.

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Article written with the help of AI, edited by Hannah Pérez / Diariobitcoin

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