USDC stablecoin issuer, Circle files for US banking licence
- Circle has applied for a National Trust Charter with the OCC to establish a federally regulated trust institution.
- The proposed bank will manage the USDC Reserve and offer digital asset custody services to institutional customers.
- Jeremy Allaire emphasized the milestone in building a transparent and efficient internet financial system.
Circle's application for a National Trust Charter represents a pivotal moment in the evolution of digital currencies, particularly for emerging markets like Africa. The potential ripple effects on regulatory frameworks and infrastructure could foster innovation and trust in stablecoins, but it also raises questions about how local regulators will adapt these models to their unique economic environments.
