Circle Seeks U.S. National Trust Bank License Amidst Expansion Plans

According to BlockBeats, stablecoin issuer Circle is applying to establish a national trust bank in the United States. Earlier this month, the company achieved a valuation of nearly $18 billion through an initial public offering, marking this application as a significant follow-up move. If approved by the U.S. Office of the Comptroller of the Currency (OCC), the license would allow Circle to act as a custodian for its reserves and hold crypto assets on behalf of institutional clients. However, unlike traditional banks, this license would not permit Circle to accept cash deposits or issue loans. Currently, Anchorage Digital is the only digital asset company with a national trust bank license. Experts and analysts suggest that once the legislation is enacted, it could pave the way for more traditional financial institutions and retailers to integrate stablecoins into their operations.