Source: Engadget
“PayPal is the latest company looking to become a bank in the US. On Monday, the company announced it had submitted applications for PayPal Bank to the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI). PayPal is already a bank in Europe, based in Luxembourg. … Applications to become a bank have popped up left and right this year, with approval odds increasing under the Trump administration. On Friday, the Office of the Comptroller of the Currency (OCC) announced that five cryptocurrency companies, including BitGo, Circle and Ripple, received conditional approval to become federally charted trust banks.” (12/16/25)