Paxos joins Ripple and Circle to Apply for a National Banking License
Stablecoin issuer Paxos has joined fellow crypto firms Ripple and Circle in applying for a National Trust Charter to gain federal oversight.
By Boluwatife Adeyemi
Highlights
Paxos is looking to convert its NYDFS trust charter into a national trust charter.
This follows the firm's $48.5 million settlement with NYDFS.
Ripple and Circle have also applied for a national banking license.
Paxos is the latest crypto firm to apply for a national banking license, joining fellow stablecoin issuers Ripple and Circle. This follows the firm’s settlement with New York’s Department of Financial Services (NYDFS) over its anti-money laundering failures.
