Paxos has filed to convert its New York Department of Financial Services trust charter into a national trust charter under the supervision of the Office of the Comptroller of the Currency. This would not change the company’s business model but would place it under federal oversight, “maintaining the highest global standards for safety and transparency,” says a statement. Paxos – which provides blockchain and stablecoin infrastructure and is behind PayPal’s PYUSD – first applied for a national trust bank charter in 2020, receiving preliminary approval from the OCC before the application eventually expired. It is now making a second bid in a more favourable US environment for crypto firms and stablecoins in particular, that has already seen Circle and Ripple apply for charters in recent months. Charles Cascarilla, CEO, Paxos, says: “By applying for a national trust bank charter, we are continuing to offer enterprise partners and consumers the safest, most trusted infrastructure available.”