Paxos’s dreams of a national banking charter died last week of extreme old age. The stablecoin issuer's application for a new bank charter, originally filed in December 2020, expired on March 31, records from the Office of the Comptroller of the Currency show. 

The OCC gave Paxos 18 months to execute the business plan. The nod meant freedom to custody dollars and crypto alike, offer its stablecoin services across the country and run an exchange on the national level.