Paxos is expanding its market share by switching its operating license from the New York agency to a national level under the supervision of the OCC.

This transition helps Paxos enhance safety and transparency standards while robustly developing in the stablecoin market with a diverse product range and global legal compliance.

MAIN CONTENT

  • Paxos is applying to transition from the NYDFS license to a national license with the OCC to enhance oversight and transparency.

  • The company has partnered to issue many stablecoins and expand its portfolio across multiple blockchains like Solana.

  • Paxos complies with regulations in many major markets such as the United States, Europe, Singapore, and Abu Dhabi, ready for sustainable stablecoin growth.

What steps is Paxos taking to expand its market share?

Paxos has applied to transition its license from the New York Department of Financial Services (NYDFS) to a national trust bank license issued by the Office of the Comptroller of the Currency (OCC). If approved, they will terminate their current NYDFS license and enhance safety and transparency in operations.

The transition to national-level supervision helps Paxos strengthen trust in a stable and secure financial infrastructure for institutional clients and individual users. This marks an important step in the goal of expanding nationwide operations and enhancing brand reputation.

"By applying for a national trust bank license, we continue to provide our business partners and users with the most reliable and safest infrastructure. The OCC will help Paxos maintain its commitment to the highest standards of safety and transparency."

Charles Cascarilla, CEO & Founder of Paxos, 2024

What role does Paxos play in the current stablecoin market?

Paxos develops alongside the popularization of stablecoins and digital assets. The company has overcome many legal barriers in major markets such as the United States, Europe, Singapore, and Abu Dhabi to become a reputable organization in stablecoin issuance.

Prominent stablecoins of Paxos include Pax Dollar (USDP), the issuance collaboration with PayPal USD (PYUSD), and Global Dollar (USDG). Paxos also plans to enhance its stablecoin portfolio with competitive yields on leading blockchains like Solana.

Clear regulations in the United States have created momentum for strong growth in the stablecoin market, as many traditional financial institutions begin to enter this field, especially since the GENIUS Act was enacted.

How has Paxos implemented partnerships and expanded its products?

To meet the demand for stability and diversify stablecoins, Paxos collaborates with many large partners to issue stable-value Tokens serving global financial needs. Their issued products are highly competitive due to strict legal compliance and integration of modern blockchain technology.

For example, the partnership with PayPal helps launch the stablecoin PYUSD, contributing to enhancing the utility and applicability of cryptocurrency in payments and transfers. Paxos is also focusing on development on scalable blockchain networks like Solana to improve performance and yields for users.

Frequently Asked Questions

What is Paxos and what sector does it operate in?

Paxos is a company specializing in the tokenization of real assets and the issuance of stablecoins, with strict legal compliance in many regions around the world.

What does the process of switching licenses mean for Paxos?

The transition to national licensing helps Paxos enhance safety, transparency, and expand operations nationwide under the supervision of the OCC.

What notable stablecoins has Paxos issued?

Important stablecoins issued by Paxos include Pax Dollar (USDP), PayPal USD (PYUSD), and Global Dollar (USDG), serving diverse needs across multiple blockchains.

How does the GENIUS Act affect Paxos and the stablecoin market?

The act creates a clear legal framework, enabling many traditional financial institutions to enter the stablecoin market, enhancing growth potential for Paxos.

Which agencies regulate Paxos outside of the United States?

The company is also regulated by FIN-FSA in Europe, MAS in Singapore, and FDRA in Abu Dhabi, creating a global competitive advantage.

Source: https://tintucbitcoin.com/paxos-xin-phep-giam-sat-lien-bang/

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