PayPal, issuer of PYUSD, applies for Utah industrial bank license
PayPal applied for a Utah industrial bank license to establish PayPal Bank, aiming to offer lending and savings accounts.Summary
PayPal announced its application for a Utah industrial bank license on Monday, intending to create a lending arm called PayPal Bank. This move will allow the company to provide business lending solutions to small businesses and interest-bearing savings accounts to customers. PayPal also seeks deposit insurance through the FDIC. CEO Alex Chriss stated that securing capital is a major challenge for small businesses, and establishing PayPal Bank will improve efficiency and support economic opportunities. Utah industrial banks have less restrictive regulations than traditional commercial banks. While the announcement didn't focus on crypto, PayPal has been expanding its crypto services, including wallet-to-wallet transfers and a 'Pay with Crypto' feature. This application follows recent trust charters granted to several crypto firms by the U.S. Office of the Comptroller of the Currency.
(Source：CoinDesk)