According to Gate News bot, CNBC reported that the well-known stablecoin issuer Circle is applying to establish a national trust bank in the United States. This move is an important strategic deployment for the company following its recent IPO, which achieved a valuation of approximately $18 billion.
If approved by the Office of the Comptroller of the Currency (OCC), Circle will be able to act as a custodian for its own reserves and hold crypto assets for institutional clients. However, unlike traditional banks, this license does not include the authority to accept cash deposits or issue loans. Currently, only the cryptocurrency platform Anchorage Digital holds a national trust bank charter.
Industry experts point out that if the relevant legislation is passed and comes into effect, it may encourage more traditional financial institutions and retailers to incorporate stablecoins into their business activities.
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The US stablecoin giant applies to establish a national trust bank.
According to Gate News bot, CNBC reported that the well-known stablecoin issuer Circle is applying to establish a national trust bank in the United States. This move is an important strategic deployment for the company following its recent IPO, which achieved a valuation of approximately $18 billion.
If approved by the Office of the Comptroller of the Currency (OCC), Circle will be able to act as a custodian for its own reserves and hold crypto assets for institutional clients. However, unlike traditional banks, this license does not include the authority to accept cash deposits or issue loans. Currently, only the cryptocurrency platform Anchorage Digital holds a national trust bank charter.
Industry experts point out that if the relevant legislation is passed and comes into effect, it may encourage more traditional financial institutions and retailers to incorporate stablecoins into their business activities.