Paxos, a blockchain infrastructure platform for innovative institutions and enterprises, today announced it has received approval to convert its New York Department of Financial Services (NYDFS) limited purpose trust charter to a national trust charter overseen by the U.S. Office of the Comptroller of the Currency (OCC).

Upon conversion, all of Paxos Trust Company’s US-based activity will be subject to OCC supervision.

Paxos’ federally regulated platform will allow businesses to issue, custody, trade and settle digital assets with clarity and confidence. Paxos can support companies at any stage in their digital asset journey with contiguous service and compliance across all 50 states.

This singular supervision means customers can launch digital asset products and stablecoin use cases that are aligned with evolving US regulations. Paxos ensures a streamlined experience for partners as the platform is purpose-built to help institutions scale.

Charles Cascarilla, CEO and co-Founder of Paxos, commented:

“Paxos was the first regulated trust company for digital assets in the US with our 2015 NYDFS charter. In our decade as a regulated entity, we’ve established a reputation as a trustworthy partner capable of meeting the highest standards of compliance. Paxos is now entering a new phase of regulatory supervision and we’re excited to power a platform subject to federal oversight and supervision. This will enable customers to innovate, incubate and grow digital asset businesses safely and seamlessly within the US.”

Federal oversight also enhances Paxos’ leadership in trustworthy stablecoins. Paxos’ US-issued stablecoins—including PYUSD— will be issued under federal regulatory oversight and will align with the provisions in the upcoming federal GENIUS regulations.

As GENIUS is implemented, customers can expect full continuity of service and a consistent experience across Paxos-issued stablecoins.