Paxos, a regulated blockchain infrastructure and tokenization platform, today announced that it has filed an application to convert its New York Department of Financial Services (NYDFS) trust charter into a national trust charter under the supervision of the Office of the Comptroller of the Currency (OCC).

This strategic move will place Paxos under federal oversight and underscores its consistent commitment to maintain the highest regulatory standards of any blockchain infrastructure and tokenization platform globally.

Since 2015, the company has operated under oversight from the New York State Department of Financial Services (NYDFS) when it became the first blockchain and tokenization company to be granted a limited purpose trust charter and issued the first regulated stablecoin in 2018.

An OCC national trust charter will reinforce Paxos’s commitment to maintaining the highest global standards for safety and transparency. Upon approval, Paxos would be regulated by the OCC in the United States, alongside existing oversight from FIN-FSA in Europe, MAS in Singapore and FSRA in the Abu Dhabi Global Market. This multi-jurisdictional framework provides unmatched access to Paxos solutions and assets to enterprises worldwide.

“For over a decade, Paxos has set the bar for regulatory oversight and compliance,” said Charles Cascarilla, CEO and co-founder of Paxos. “By applying for a national trust bank charter, we are continuing to offer enterprise partners and consumers the safest, most trusted infrastructure available. This is rooted in our belief in the transformative power of blockchain as a force for financial freedom. OCC oversight will help build on our historic commitment to maintaining the highest standards of safety and transparency.”

All Paxos-issued assets will remain fully backed by bankruptcy-remote reserves held in U.S. dollars, U.S. Treasuries, and cash equivalents, ensuring guaranteed 1:1 redemption.