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Paxos joins spate of crypto companies applying for US trust bank licenses
Paxos Trust Company, the cryptocurrency firm behind PayPal's stablecoin, said it is applying to create a national trust bank in the U.S., joining a raft of digital asset companies looking to gain a larger foothold in the traditional financial system. If the charter is granted by the U.S. Office of the Comptroller of the Currency, it would allow Paxos to manage and hold assets on behalf of customers and settle payments faster. Unlike traditional banks, the license would not allow Paxos to take cash deposits or make loans. If approved, Paxos would convert its limited purpose trust charter with the New York Department ... (full story)
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