📅 August 11 | United States
In a move that could redefine the landscape of stablecoins and regulated crypto infrastructure, Paxos announced it is following in the footsteps of Ripple and Circle to obtain a national banking license in the United States. The goal: to operate under federal supervision, issue fully backed digital assets, and compete directly with traditional banks in the new digital economy.
Paxos' interest is no coincidence. The US regulator has intensified pressure on stablecoin issuers and custodians, pushing large crypto companies toward a more institutional framework. With this license, Paxos could not only expand its products and services but also fully integrate into the traditional financial system, something that could mark a turning point for the sector.
The Trend-Setting Move
Paxos is already known for issuing stablecoins like USDP and for collaborating with giants like PayPal on the development of PYUSD. Obtaining a national banking license would mean being able to offer services directly to customers nationwide, with the backing and trust that comes with oversight from the Office of the Comptroller of the Currency (OCC).
This announcement comes just weeks after Ripple and Circle also expressed interest in similar licenses, creating a new competitive landscape where stablecoin issuers become crypto-native digital banks. The goal is clear:
Greater reach: access to all states without individual state licenses.
Institutional trust: attracting funds, businesses, and users who demand regulatory certainty.
Financial innovation: integrating blockchain into payments, remittances, and custody with solid legal support.
The potential impact is enormous: we could see a true merger of traditional banking and Web3 in the coming years, with stablecoins serving as the new de facto digital dollar.
Topic Opinion:
This race for banking licenses is more than a legal formality: it's a battle over who will control the gateway to regulated digital money. If Paxos, Ripple, and Circle achieve their goal, we could be witnessing the birth of the first mega crypto banks. But the challenge will be to maintain their decentralized nature and maintain innovation in the face of the rigidity of the traditional banking framework.
💬 Would you feel safer using stablecoins issued by regulated "crypto banks"?
Leave your comment...