On July 31, a global stablecoin issuer announced that NYDFS granted a limited purpose trust charter to its subsidiary for a state-chartered trust entity operating under a New York trust designation. The company, which first received a BitLicense from NYDFS in 2015, stated the charter deepens the regulatory foundation for its stablecoin operations. According to NYDFS, a limited purpose trust company is chartered under the bank and trust company provisions of New York banking law but, unlike a full-service bank or trust company, lacks the general power to take deposits or make loans. This follows the OCC earlier in July granting final approval for a national trust bank charter for an affiliated entity proposing to provide fiduciary digital asset custody services and to operate with trust powers and a New York headquarters (previously covered by InfoBytes here).