Paxos, specializing in real-world assets tokenization, has announced plans for expansion and the filing for a national charter in the US.
Transition to National Charter
Paxos has filed for a national charter with the Office of the Comptroller of the Currency (OCC). Once approved, the company will terminate its NYDFS charter obtained in 2015 and enhance its standards for safety and transparency under federal oversight.
Paxos' Influence on the Stablecoin Market
Paxos has grown alongside the increasing popularity of stablecoins and digital assets. The company is compliant with regulations in the US and is regulated in Europe, Singapore, and Abu Dhabi. Paxos partners with several firms to issue stablecoins, including PayPal USD (PYUSD) and Pax Dollar (USDP).
Regulatory Prospects and Company's Future
Given the steady growth of the stablecoin market aided by clear regulatory frameworks in the US, Paxos anticipates the expansion of its portfolio. Traditional financial institutions are expected to continue entering the stablecoin market following the enactment of the GENIUS Act.
Paxos continues to demonstrate its commitment to maintaining the highest standards of safety and transparency, which may open new opportunities for the company amid growing interest in stablecoins.
