PayPal Pursues Utah Industrial Bank Charter as PYUSD Savings Vault Targets $1B in Deposits

PayPal has applied to establish PayPal Bank as a Utah-chartered industrial bank, aiming to expand into insured deposits, business lending, and interest-bearing savings accounts. At the same time, the company is deepening its crypto strategy through the PYUSD Savings Vault on Spark, which advertises a 4.25% APY and follows an earlier goal to grow PYUSD deposits from $200 million to $1 billion.