New updates have been reported about Paxos (PC:PAXOS)
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Paxos, a leading blockchain infrastructure provider, has secured approval to transition its New York Department of Financial Services (NYDFS) limited purpose trust charter to a national trust charter under the U.S. Office of the Comptroller of the Currency (OCC). This strategic move subjects all of Paxos Trust Company’s U.S.-based operations to federal oversight, enhancing its regulatory compliance and operational scope across all 50 states. This development positions Paxos to offer a unified platform for enterprises to manage stablecoin issuance, brokerage, and settlement, ensuring regulatory clarity and alignment with evolving U.S. laws and the upcoming GENIUS regulations.
CEO Charles Cascarilla emphasized Paxos’ pioneering role as the first regulated trust company for digital assets in the U.S., highlighting the company’s commitment to compliance and innovation. With the OCC charter, Paxos aims to provide a secure and efficient pathway for businesses to develop digital asset products, leveraging its robust infrastructure to minimize operational risks and accelerate product development. The federal oversight also strengthens Paxos’ leadership in stablecoin issuance, with its U.S.-issued stablecoins, including PayPal USD (PYUSD), set to be the largest U.S. dollar-backed stablecoins under federal regulation. As the GENIUS regulations come into effect, Paxos assures its customers of continuous service and a consistent experience across its stablecoin offerings.