According to @MilkRoadDaily, Paxos has applied for a national trust charter with the U.S. Office of the Comptroller of the Currency, with the author noting this would move oversight from a New York-only license to a single federal regulator and would not make Paxos a bank because it involves no lending or deposits. According to the New York State Department of Financial Services, Paxos Trust Company currently operates as a limited purpose trust company supervised by NYDFS. According to Paxos, it issues the USDP stablecoin and serves as issuer for PayPal’s PYUSD, with reserves held in cash and U.S. Treasury instruments and reported in monthly attestations. According to PayPal, PYUSD is an ERC-20 stablecoin issued by Paxos on Ethereum. According to the U.S. Office of the Comptroller of the Currency, national trust banks are federally chartered and supervised by the OCC.