Circle Aims for Banking License, Eyeing Institutional Crypto Services
Stablecoin giant Circle Internet Group is pursuing a US national banking license, Reuters reports—a pivotal step toward offering regulated crypto services to institutions. The bid follows Circle’s recent IPO, which saw overwhelming investor enthusiasm.
Securing an OCC charter would allow Circle to custody assets directly and manage institutional crypto holdings, though it stops short of full banking capabilities like lending.
The proposed First National Digital Currency Bank, N.A. would mark a milestone in crypto’s regulatory maturation.
Circle had earlier dismissed rumors of seeking alternative charters, signaling a deliberate shift toward compliance. The company’s June 5 market debut was a sensation, with shares leaping 167% amid frenzied demand.
