Regulatory Alerts2025-12-12 | Conditional Approval 1358Added
Conditional Approval 1358 — Application by Paxos Trust Company, LLC to Convert to a National Bank
The Office of the Comptroller of the Currency conditionally approves Paxos Trust Company, LLC's conversion to Paxos Trust Company, National Association, an uninsured national trust bank. The approval permits the bank to engage in fiduciary activities, including the issuance of U.S. dollar-backed stablecoins and gold-backed digital assets, while prohibiting the acceptance of deposits. The bank must maintain at least $15 million in tier 1 capital and hold the greater of 50 percent of tier 1 capital or $7.5 million in Eligible Liquid Assets. Additionally, the bank is required to conform its stablecoin activities to the GENIUS Act and obtain prior OCC approval for significant deviations from its business plan.