🪙 Paxos Wants National Approval to Expand Crypto Services

Paxos, a company that helps build cryptocurrency systems, has asked the U.S. government for permission to become a national trust bank. Right now, Paxos is only approved by New York state, but if the federal government says yes, Paxos could offer its services across all 50 states under one set of rules.

Paxos is the company behind PayPal’s stablecoin called PYUSD, which is tied to the U.S. dollar. It also helps settle payments and create digital versions of assets using blockchain technology. The company’s CEO, Charles Cascarilla, said that being federally regulated would show Paxos is serious about safety and transparency—especially as more people want stablecoins that follow clear rules.

Other crypto companies like Circle and Ripple have also applied for national approval recently. This comes after a new law called the GENIUS Act was passed to give clearer rules for stablecoins.

Paxos had gotten temporary approval from the government back in 2021, but it expired in 2023. Now, after fixing some issues with New York regulators, Paxos is trying again—part of a bigger push to connect crypto with traditional banking.

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