Stablecoin issuer Paxos has applied for a national charter license, becoming the third major cryptocurrency company in recent months to seek federal oversight.
The company, which issues the PayPal USD and Pax Dollar, aims to convert its New York state license into a national license under the Office of the Comptroller of the Currency (OCC).
The company's CEO, Charles Cascarilla, has stated this move is in line with Paxos' mission to provide the "safest, most trusted infrastructure available" for blockchain-based finance.
The application follows similar initiatives by Ripple and Circle, indicating the crypto sector's growing interest in federal regulation.