Paxos, the company that issues PayPal’s $1 billion stablecoin, has applied for a national trust bank charter in the US, becoming the latest crypto company to pursue becoming a Federally-regulated bank in the US. It’s a move that could give Paxos a gloss of establishment respectability, and a direct presence in America’s financial sector. If approved, Paxos will be able to operate across the US without navigating the patchwork of local banking licences. However, while an approval would allow Paxos to hold customer assets and settle transactions, it won’t act as a traditional lender that can accept deposits and issue ... (full story)