#StableMarket Stablecoin issuer Paxos applied for a national trust charter with the OCC.

The firm joins Circle and Ripple among stablecoin companies seeking the national charter.

In May, the OCC announced it would allow national banks to custody and manage crypto.

Stablecoin and tokenization firm Paxos has filed an application with the Office of the Comptroller of Currency (OCC) for a national trust charter, the firm announced on Monday. 

If approved, the application will upgrade the firm’s existing New York Department of Financial Services (NYDFS) charter, allowing it to conduct business across the United States. 

“The OCC is the preeminent global regulator of banks. Paxos believes national designation will unlock new opportunities for growth and efficiency while being held to the highest standards of oversight,” a Paxos spokesperson told Decrypt.