Crypto infrastructure firm Paxos said it has applied to the US Office of the Comptroller of the Currency for a national trust bank charter, seeking to convert the limited-purpose trust charter it has held from the New York Department of Financial Services since 2015. Federal authorisation would let the company serve clients nationwide under a single supervisory framework rather than navigating individual state regimes. Paxos, which issues the PayPal USD (PYUSD) stablecoin and other regulated tokens, said the move would reinforce its compliance credentials by bringing it under the OCC’s prudential oversight alongside existing regulation in New York, Europe, Singapore and Abu Dhabi. Chief Executive Officer Charles Cascarilla called the step a continuation of the firm’s “commitment to the highest standards of safety and transparency.” The application comes months after Paxos reached a $48.5 million settlement with New York authorities and as rival crypto firms Circle and Ripple pursue similar federal charters. Approval would grant Paxos broader access to the US banking system and could accelerate the rollout of blockchain-based payment and custody services to institutional partners.