On August 11, it was reported that a stablecoin issuer applied to convert its New York trust charter into a national trust charter under the supervision of the OCC. The move would place the firm under federal oversight. The OCC previously gave conditional approval for the firm to launch a national trust bank in 2021, but the approval lapsed in 2023. The announcement followed the issuer’s $48.5 million settlement with NYDFS over alleged anti-money laundering deficiencies related to a stablecoin partnership. The OCC has not yet released the public portion of the charter application.
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