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Circle Applies to Establish National Trust Bank in the US
Summary: According to CNBC, stablecoin issuer Circle (CRCL.K) is reportedly applying to establish a national trust bank in the United States. Earlier this month, the company achieved a valuation of nearly $18 billion through its initial public offering, making this application a key move. If approved by the Office of the Comptroller of the Currency (OCC), ...
According to CNBC, stablecoin issuer Circle (CRCL.K) is reportedly applying to establish a national trust bank in the United States. Earlier this month, the company achieved a valuation of nearly $18 billion through its initial public offering, making this application a key move. 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 on behalf of institutional clients. However, unlike traditional banks, this license does not allow Circle to accept cash deposits or issue loans. Currently, Anchorage Digital is the only digital asset company with a national trust bank charter. Experts and analysts suggest that once the legislation is signed into law, it may pave the way for more traditional financial institutions and retailers to incorporate stablecoins into their operations.
