Paxos Renews Push for US Bank License as Stablecoin Rules Take Shape

Paxos has strategically renewed its application for a national trust bank charter following the enactment of the GENIUS Act, which establishes the first federal framework for stablecoins in the U.S. The company aims to transition from its New York state license to federal oversight under the Office of the Comptroller of the Currency (OCC).

A federal charter WOULD enable Paxos to operate across all 50 states, offering asset management and custody services exclusively for institutional clients. CEO Charles Cascarilla emphasized that OCC regulation would reinforce the firm's commitment to safety and transparency, appealing to large financial institutions that prioritize stringent oversight.

This marks Paxos' second attempt at securing a national charter after its 2020 application lapsed in 2023 due to unmet requirements. The move signals growing institutional confidence in regulated crypto infrastructure as stablecoin legislation matures.