Trust charter
NY Trust Charterlimited-purpose trust
A NYDFS authorisation under NY Banking Law allowing the holder to act as a trust company for crypto assets.
Trust-chartered issuers (Paxos, Gemini Trust, NYDIG) operate under bank-level supervision, with bankruptcy-remote treatment of customer reserves. PYUSD, USDP, GUSD, and (formerly) BUSD all operate under this regime. Stronger US wrapper than the broader BitLicense.
Related terms
- NYDFSNew York State's financial regulator — the most active US state authority over crypto issuers since 2015.
- BitLicenseA virtual-currency business licence issued by the New York Department of Financial Services since 2015.
- Segregated assetsReserves held in a way that legally insulates them from issuer-corporate creditors in bankruptcy.