Dakota Applies for OCC Trust Charter Amid Stablecoin Expansion

The OCC conditionally approved Paxos Trust Company's application to convert from a New York state trust company to an uninsured national trust bank on Dec 12, 2025. The converted entity will operate as Paxos Trust Company, National Association, under OCC Charter Number 25379. Paxos filed its conversion application on Aug 12, 2025.

The bank's main office will be at 71 Fifth Avenue, New York. It will not take deposits and will not carry FDIC insurance. Proposed operations include custody of crypto-assets, fiat currency, securities, and commodities on a fiduciary basis, along with U.S. dollar-backed stablecoin issuance and cryptocurrency exchange services.

Paxos is a wholly owned subsidiary of Paxos Holdings, LLC, itself owned by Kabompo Holdings, Ltd., a Cayman Islands company that will serve as the bank's ultimate parent.