Ripple, Circle, Paxos Secure Path To National Banking Charters In The US
On Friday, the Office of the Comptroller of the Currency (OCC) approved national trust charter applications from several key firms in the industry including Circle’s First National Digital Currency Bank, Ripple National Trust Bank, BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company. OCC’s Approval Of Digital Asset Trust Banks Once finalized and […]
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The stablecoin issuer has nabbed a banking license, but it doesn't mean they'll be doing any banking in the traditional sense. The U.S. Office of the Comptroller of the Currency (OCC) has granted today stablecoin company and PayPal collaborator Paxos a federal charter to form a national trust bank — just the third such charter the OCC has granted crypto-native companies. Paxos joins custody firm Achorage, who was the first to receive a charter in January, and fellow custodian Protego, which received their conditional charter in February. As with the previous two charters, the “bank” label....
Regulators are planning for new banking licenses for fintech startups across the U.S., said Comptroller of the Currency, Thomas J. Curry last week. The measure will affect startups dealing with lending, virtual currency payments, and deposits. National Charters for Responsible Innovators. The Office of the Comptroller of the Currency (OCC) is a federal....
The new Acting Comptroller of the Currency, Michael Hsu, has requested a review of the cryptocurrency standards established by the top U.S. banking regulator. He is also urged to “reassess any conditional national trust charters and halt the approval of any additional charters to nonbank entities” during the review. Top Banking Regulator Reviewing Crypto Policy Michael Hsu, the new administrator of the federal banking system and chief executive officer of the Office of the Comptroller of the Currency (OCC) has requested a review of the regulator standards for cryptocurrencies.....
Paxos, a regulated blockchain company, recently presented the basket of resources that back its stablecoins. Paxos Standard (PAX) and Binance USD (BUSD) are reportedly backed almost 100% by cash and cash equivalents. Dan Burstein, CCO of Paxos, harshly criticized Tether and Circle, issuers of other stablecoins, stating their products we’re not really stablecoins. Paxos Reveals Stablecoin Backing Basket Paxos, a blockchain-regulated company, revealed the basket of assets backing their issued stablecoin on Wednesday. The company, which issues Paxos Standard and Binance USD, two....
The digital currency and stablecoin issuer Paxos has been granted conditional approval for a bank charter under the Paxos National Trust in New York. The U.S. Office of the Comptroller of the Currency issued a preliminary conditional approval which means the regulating entity still has to authorize the firm’s future banking plans. Paxos Granted Preliminary Conditional Approval for a US Bank Charter The New York-based financial institution and technology company Paxos has been granted preliminary conditional approval for a bank charter by the Office of the Comptroller of the Currency....