TLDR
- Ripple, Circle & Paxos race for OCC charters as U.S. stablecoin rules tighten.
- Stablecoin giants seek OCC oversight to unify regulation & boost market reach.
- Paxos, Circle, Ripple push for federal trust charters in stablecoin power play.
- U.S. stablecoin leaders eye OCC charters for compliance edge amid GENIUS Act.
- Ripple joins Circle & Paxos in OCC charter bid as stablecoin oversight heats up.
Major stablecoin issuers are pushing for stronger federal oversight as competition intensifies in the U.S. market. Ripple, Circle, and Paxos have each filed applications for national trust bank charters with the Office of the Comptroller of the Currency (OCC). This move signals a strategic shift toward uniform regulation and broader market reach.
Paxos Advances with OCC Application
Paxos has applied to convert its New York Department of Financial Services (NYDFS) trust charter into a national trust charter. The change would place the company under direct OCC supervision and retain its global regulatory coverage. The firm has operated under NYDFS oversight since 2015 and launched the first regulated stablecoin in 2018.
The national charter would add federal oversight to its existing regulation by agencies in Europe, Singapore and Abu Dhabi. Paxos says all its issued assets remain fully backed by reserves in U.S. dollars, Treasuries and cash equivalents. The company plans a seamless operational transition if its application is approved.
Paxos issues PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG), along with yield-bearing and multi-jurisdictional tokens. It partners with major enterprises to tokenize, custody, and trade assets. The firm has raised over $500 million from global backers, including Oak HC/FT, Declaration Partners, Founders Fund, and PayPal Ventures.
Circle Seeks National Charter for USDC
Circle, the issuer of USD Coin (USDC), is pursuing a national trust bank charter to expand regulatory clarity and market confidence. USDC ranks among the largest stablecoins, with a circulation exceeding $65 billion across multiple blockchain networks. The OCC charter will allow Circle to operate under a single federal framework.
Circle aims to leverage federal oversight to enhance operational transparency and consumer trust. The company already complies with various state and international licensing regimes. Federal supervision would consolidate these requirements into one national standard.
The USDC issuer is positioning itself as a central figure in the evolving stablecoin market. By securing the charter, Circle could streamline compliance and accelerate product and network growth. The move follows increasing pressure on stablecoin firms to align with emerging federal standards.
Ripple Enters the Regulatory Arena with RLUSD
Ripple has joined the competition by applying for an OCC national trust charter for its RLUSD stablecoin. The companyās entry comes as it expands its digital asset offerings and payment solutions globally. This step indicates its commitment to aligning with U.S. federal regulation.
Rippleās approach focuses on integrating RLUSD into its existing cross-border payment network. The OCC charter would support broader adoption by ensuring compliance across all U.S. jurisdictions. The application reflects the companyās long-term strategy for regulatory alignment and market credibility.
With Paxos, Circle, and Ripple all moving toward federal oversight, the stablecoin sector is undergoing rapid regulatory transformation. The recent enactment of the GENIUS Act, signed into law by President Donald Trump, provides clearer rules for issuers. This legislative shift has accelerated competitive positioning among leading blockchain infrastructure providers
