PayPal has applied for a license to operate an industrial bank in Utah, with plans to establish PayPal Bank to expand its financial services.

According to CoinDesk, payment giant PayPal announced on Monday that it has applied for a license to operate an industrial bank in Utah and plans to establish a lending division called PayPal Bank. The bank will provide business loan solutions for small businesses and interest-bearing savings accounts for other customers. PayPal has also applied for deposit insurance from the Federal Deposit Insurance Corporation. As the operator of the PYUSD stablecoin, PayPal has recently been actively expanding its cryptocurrency business, launching inter-wallet cryptocurrency transfer functionality and a "pay with cryptocurrency" merchant service.