Stablecoin Firm Circle Aims to Be a Bank: Seeks National Trust Charter

Circle, the company behind the popular USDC stablecoin, is making significant strides into traditional financial services. The company has formally applied for a National Trust Bank charter in the United States, signaling a strategic move towards becoming a fully regulated financial institution. If approved, this charter would enable Circle to offer a broader spectrum of banking services directly, diminishing its reliance on partnerships with conventional banks. This initiative underscores Circle’s ambition to solidify its market position and broaden its influence within the digital finance arena. Industry analysts suggest that this decision could bolster investor and user confidence in the USDC stablecoin, while also facilitating the provision of innovative and integrated financial solutions.