Circle, BitGo about to apply for bank charter, others may follow: WSJ
Major cryptocurrency firms, including stablecoin issuer Circle and crypto custodian BitGo, are reportedly considering applying for bank charters or licenses.According to an April 21 Wall Street Journal report citing people familiar with the matter, Circle, BitGo and other firms are considering applying for some form of banking license. Other firms cited include the publicly traded US-based crypto exchange Coinbase and the stablecoin issuer Paxos.Back in 2021, the US Office of the Comptroller of the Currency already granted a preliminary conditional approval for a US bank charter to Paxos. The report comes as the US continues to reshape local stablecoin regulations.US Federal Reserve Chair Jerome Powell recently said that as digital assets gain mainstream adoption, establishing a legal framework for stablecoins is a “good idea.” Speaking at a recent event in Chicago, Powell recognized that after a “wave of failures and frauds,” the crypto space delivered a consumer use case that “could have wide appeal.”Related: Stablecoins are powering deobanksA stable geniusThe US House Financial Services Committee passed a Republican-backed stablecoin framework bill earlier in April.
Read the full article at cointelegraph.com
Source: cointelegraph.com
Published: April 21, 2025
