Paxos, a United States-based stablecoin operator, announced Tuesday that it will apply for a formal clearing agency license with the Securities and Exchange Commission in a move that would bring another practical use case for blockchain technology in traditional markets.
As Reuters reported , the pursuit of an agency license by Paxos follows a successful pilot test of its same-day settlement system. Credit Suisse, a Zurich-based financial institution; and Instinet, the trading arm of Nomura Holdings Inc, participated in the pilot by settling U.S.-listed stock trades on the same day.
Paxos says the trades represented the first live application of blockchain technology for U.S. equities. It currently takes two days to settle a trade for equity markets in the United States. Efforts to shorten this time have gained traction in the wake of the GameStop saga .
Entities must register with the U.S. securities regulator before they operate a clearinghouse. As the SEC notes :
“Section 17A of the Securities Exchange Act of 1934 (‘Exchange Act’) and Rule 17Ab2-1 require an entity to register with the Commission or obtain an exemption from registration prior to performing the functions of a clearing agency.”
Paxos made headlines late last year when it raised $142 million from major investors including PayPal and Mithril Capital to expand its financial market infrastructure. The stablecoin issuer is also seeking approval to become a fully regulated crypto bank .
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