Circle is the second-largest stablecoin issuer and the company behind USDC stablecoin

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Circle Internet Group (ticker CRCL) has applied for a national banking license, according to Reuters. The news marks the second-largest stablecoin issuer's latest move to become more ingrained in the legacy financial system, following a hugely successful initial public offering this month.

Circle (CRCL), the company behind the USDC stablecoin, said Monday it has filed an application with the Office of the Comptroller of the Currency to form a federally regulated national trust bank.