According to Foresight News, records from the U.S. Office of the Comptroller of the Currency (OCC) show that the application for a national banking license originally submitted by stablecoin issuer Paxos in December 2020 expired at the end of March. A Paxos spokesperson said that the now expired application will not affect Paxos' existing business registered in New York, and the blockchain technology company can submit another OCC application. Paxos will determine its next steps in the near future, which may include reapplying for OCC supervision.

Earlier in 2021, the OCC "preliminarily conditionally approved" Paxos National Trust's application for a national trust bank charter, allowing Paxos to split its business into two entities, one regulated at the national level and the other maintaining its existing regulatory structure. The OCC gave Paxos 18 months to execute its business plan, and Paxos is free to custody US dollars and cryptocurrencies, provide stablecoin services nationwide, and operate exchanges nationwide.