Major crypto firms, including Circle, BitGo, Coinbase and Paxos, are exploring bank charters amid evolving US stablecoin regulations, according to The Wall Street Journal.
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.
