Stablecoin Issuer Paxos Applies for National Trust Charter After Circle, Ripple

Paxos has filed a new application with the U.S. Office of the Comptroller of the Currency to secure a national trust charter, seeking to replace its New York state license with federal oversight.

The move comes shortly after Circle and Ripple submitted similar filings, marking an intensifying race among stablecoin issuers for national regulatory status.

Today, we announced that we have filed an application to convert our NYDFS trust charter into a national trust charter under the Office of the Comptroller of the Currency.https://t.co/gVMdwteuLI

From State to Federal Supervision

In a Monday statement, Paxos said it plans to convert its New York Department of Financial Services trust charter into a national one, placing the firm under OCC authority. CEO Charles Cascarilla said the change would strengthen “safety and transparency” in its operations.

Related: Circle Moves to Become a US National Trust Bank after Bumper IPO

The company issues PYUSD in partnership with PayPal and is part of the consortium behind the Global Dollar (USDG) token. “By applying for a national trust bank charter, we are continuing to offer enterprise partners and consumers the safest, most trusted infrastructure available,” commented Charles Cascarilla, CEO and co-founder of Paxos.

Regulatory Momentum Builds

Circle, which issues the $65 billion USDC, and Ripple, issuer of RLUSD, applied for national bank trust charters last month. Their filings came after President Donald Trump signed the GENIUS Act into law, introducing new federal rules for stablecoin issuers.

Paxos previously gained conditional approval for a national trust charter in 2021, but the application expired in 2023 before receiving full authorization.

Last month, Ripple applied for a national trust charter from the U.S. Office of the Comptroller of the Currency (OCC), a move that would have allowed the crypto firm to expand its services nationwide under federal regulation.

True to our long-standing compliance roots, @Ripple is applying for a national bank charter from the OCC. If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market.Earlier in the week via… https://t.co/IdiR7x3eWZ

The application, confirmed by a company spokesperson, marked a strategic shift toward deeper regulatory engagement at the national level. The decision aligned Ripple with a growing list of crypto firms seeking national oversight amid evolving U.S. legislation.