Several crypto firms — including stablecoin issuer Circle and trust company BitGo — plan to apply for U.S. bank charters and licenses, according to a new report in The Wall Street Journal
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Authors
Zach Abrams
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Circle
BitGo
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Circle, BitGo to apply for bank charters; Coinbase, Paxos may follow suit: WSJ
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BitGo, a crypto trust and custody firm, is pursuing a bank charter, according to the Wall Street Journal, to expand its regulatory positioning and support upcoming projects such as the Trump-backed USD1 stablecoin, for which it is expected to act as custodian
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Circle, a major stablecoin issuer behind USD Coin (USDC), is seeking a banking charter, according to the Wall Street Journal, to comply with proposed US legislation requiring stablecoin providers to hold federal or state licenses
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