according to materials from the site - By CoinPedia News
Paxos, a well-known company in the tokenization of real-world assets (RWA), has announced plans to expand its market share. The company announced that it has applied to convert its charter, issued by the New York State Department of Financial Services (NYDFS), into a national charter.
Paxos has applied for a national charter with the Office of the Comptroller of the Currency (OCC). Once the application is approved, Paxos will cease to hold the NYDFS charter obtained in 2015 and will enhance its standards of security and transparency under federal oversight.
"By applying for a National Trust Charter, we continue to provide our corporate partners and consumers with the safest and most reliable infrastructure. This is based on our belief in the transformative power of blockchain as a force for financial freedom. Oversight from the OCC will assist us in fulfilling our historic commitment to maintaining the highest standards of security and transparency," noted Charles Cascarilla, CEO and co-founder of Paxos. Paxos has evolved over the years alongside the mass adoption of stablecoins and digital assets. In addition to compliance with regulations in the U.S., Paxos is regulated in Europe through FIN-FSA, in Singapore through MAS, and in Abu Dhabi through FDRA.
The company collaborates with several firms to issue their stablecoins, primarily PayPal USD (PYUSD), Pax Dollar (USDP), and Global Dollar (USDG). Paxos aims to expand its portfolio of stablecoins with competitive yields based on various blockchains, led by Solana (SOL).
The stablecoin market has every chance for exponential growth in the coming years due to a clear regulatory framework in the U.S. For instance, more traditional financial institutions have entered the stablecoin market following the signing of the GENIUS Act by President Donald Trump.
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