Major development: PayPal is making a formal push to obtain banking status in the United States. This move represents a significant step in the ongoing convergence between traditional fintech and formal banking infrastructure. The application signals PayPal's strategic intent to expand its operational scope beyond current limitations, potentially positioning itself for deeper integration into the regulated financial ecosystem. Such regulatory shifts often create ripple effects across the broader financial and digital asset markets, as institutional players continue reshaping their operational frameworks. Worth monitoring closely for how this shapes the competitive landscape and regulatory environment going forward.