Circle Applies For Bank Charter To Launch Digital Currency Bank

Circle Internet Group has applied for a national trust bank charter, aiming to create the First National Digital Currency Bank, N.A., according to CNBC. If approved by the Office of the Comptroller of the Currency, the move would enable Circle to offer custody services for blockchain-based representations of assets, such as stocks and bonds. The application follows Circle’s blockbuster IPO, with shares surging 484% in June. The USDC stablecoin issuer is positioning itself to comply with the recently passed GENIUS Act, which introduces a U.S. regulatory framework for stablecoins. Shares rose 1% after hours on the news. Anchorage Digital is currently the only crypto firm with a similar federal charter.