Paxos seeks federal recognition
heading towards the future of stablecoins
Paxos,
the company behind the stablecoin PYUSD in partnership with PayPal, took a
bold step: it re-applied to become a national trust bank in the U.S.
👉 This means moving from restricted licensing in
New York to operating under federal supervision — synonymous with more
security, transparency, and credibility.
⚡ Important highlights:
This is Paxos's second attempt: in 2020 it applied, received conditional approval in 2021, but the
application expired in 2023.
Other giants, such as Circle
and Ripple, are also seeking this status; so far, only Anchorage
Digital holds the license.
Paxos recently ended
the issuance of BUSD and reached a settlement of US$ 48.5 million with
New York regulators for compliance failures.
The new legal landscape
in America has brought clarity to stablecoins, making it the perfect time
for this advancement.
🔥 What does this change?
This step could redefine trust in stablecoins, bringing the
crypto universe even closer to the traditional financial system.
✨ Do you believe that federal supervision will bring more trust to
cryptos or will it stifle innovation?
#Paxos #Stablecoin #Binance
#CryptoNews #CryptoIntegration
