Circle applies for a national trust bank license in the United States. The core logic is quite simple: it aims to completely upgrade itself from a technology company that issues stablecoins to a part of the U.S. digital payment system.

This move means that USDC will no longer rely on banks for reserves, obtaining compliance through multi-state trust licenses. Instead, it will directly enter the federal regulatory system, allowing it to manage asset reserves, fund custody, and clearing and settlement all on its own. In simpler terms, it will be fully compliant within the U.S. financial regulatory framework.

For $CRCL, this development primarily brings the possibility of a restructured valuation model. Previously, CRCL incurred significant costs related to compliance. If the application is approved, these costs will be greatly reduced, although this is contingent on approval; currently, it is merely an application, and nothing is finalized yet.

Not only will compliance costs decrease, but there will also be no need to rely on third-party banks for custody of reserve funds, eliminating custody costs altogether. They can fully manage their own custody, which will directly enhance profit margins.

More importantly, after obtaining this license, Circle's potential will be different. It won't just issue coins; it can legally provide custody services, perform clearing, create a U.S. dollar settlement network, and establish compliant institutional fund pools. In the future, it could even interface with CBDCs, large banks, and sovereign funds, fully positioning itself as a foundational financial infrastructure for the digitization of the U.S. dollar.

We have previously mentioned that CRCL's profitability was too singular, relying solely on U.S. Treasury bonds for revenue. If it secures this license, at least the potential for revenue generation will expand, which is a significant advantage.

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