Paxos, a stablecoin issuer and blockchain startup, has become the third crypto-native company to obtain a federal trust from the Office of the Currency Comptroller (OCC). The OCC announced on April 23 preliminary conditional approval of the application to charter Paxos National Trust in New York.
The OCC granted a national trust bank charter to the firm after a thorough review of the company, its application and current operations. The national bank regulator said it applied the same rigorous review and standards applied to all charter applications.
Paxos National Trust
This move allows the firm to bring its new Paxos National Trust entity online as a federally regulated entity offering custody services, stablecoin management, payment, exchange and other services.