Cryptocurrency payments firm MoonPay announced its intention to expand its regulated service offerings following the receipt of a trust charter from the New York Department of Financial Services (NYDFS).

In a declaration made on Tuesday, MoonPay stated that the New York financial regulatory body has approved its trust charter. This authorization empowers the company to offer cryptocurrency custody and over-the-counter trading services within New York.

News Source: MoonPay

MoonPay’s co-founder and CEO, Ivan Soto-Wright, remarked that this approval enables the firm to “deepen relationships with global financial institutions” and extend its regulated services. This follows MoonPay’s earlier acquisition of a BitLicense from the NYDFS in June.

Several crypto and payments firms, including Ripple Labs, Coinbase, and NYDIG, have also successfully secured both a trust charter and BitLicense from New York’s financial regulator. Additionally, both Coinbase and Ripple have submitted applications for a federal trust charter to the U.S. Office of the Comptroller of the Currency, although a decision on their requests had not been made public as of Tuesday.

Since the implementation of the GENIUS Act, which creates a legal structure for payment stablecoins, numerous cryptocurrency companies have associated their services with stablecoins. While the law is not yet in effect, MoonPay announced on November 13 that it has launched a project enabling issuers to create and distribute their own stablecoins.

The stablecoin legislation may also be affecting how traditional financial institutions operate in the U.S. For instance, Visa announced in July that it was enhancing its stablecoin offerings on its settlement platform, and Bank of America CEO Brian Moynihan reportedly indicated that the bank was contemplating developing a stablecoin in collaboration with other financial organizations.