Original Title: "Cobo Stablecoin Weekly NO.16 | Three U.S. Crypto Regulatory Bills Passed, Citibank and Other Banks Announce Involvement in Stablecoin Business"
Welcome to the 16th issue of the Cobo Stablecoin Weekly.
This week, the U.S. Congress passed three core bills related to digital assets with an overwhelming majority for the first time, marking the entry of crypto assets into the federal regulatory framework. The "GENIUS Act" establishes rules for stablecoin reserves and redemptions, the "CLARITY Act" defines market structure, and the "Anti-CBDC Act" restricts central banks from issuing digital currencies. This clear and strategic regulatory combination will open pathways for private issuance, delineate the boundaries between government and market, and provide a "U.S. template" for global legislation.
The clarity of policy has also accelerated the entry of traditional finance. Banks such as Citibank and JPMorgan are beginning to evaluate the issuance of their own stablecoins, prioritizing tokenized deposits. Meanwhile, the capital markets are starting to reassess the fundamentals of on-chain enterprises. Following Circle's IPO, infrastructure companies with real cash flow, compliance pathways, and revenue models may become the next alpha.
Market Overview and Growth Highlights
The total market capitalization of stablecoins reached $260.728 billion, with a week-on-week increase of $3.69 billion. In terms of market share, USDT continues to dominate with a 61.99% share; USDC ranks second with a market cap of $64.068 billion, accounting for 24.57%.
Distribution of Blockchain Networks
Top three networks by stablecoin market cap:
· Ethereum: $128.832 billion
· Tron: $81.268 billion
· Solana: $11.342 billion
Top 3 networks with the fastest weekly growth:
· Hedera: +30.93% (USDC share 99.63%)
· Hyperliquid L1: +23.27% (USDC share 97.56%)
· XRPL: +15.06% (RLUSD share 75.29%)
Data from DefiLlama
U.S. Congress Passes Three Crypto Bills, Stablecoins Officially Enter Compliance Track
This week, the crypto industry reached a critical turning point. The U.S. House of Representatives passed three core bills targeting digital assets with an overwhelming majority for the first time, laying the foundation for long-term regulatory clarity.
The "GENIUS Act" establishes rules for reserves, redemptions, and disclosures for payment stablecoins, providing a clear compliance pathway for institutional issuance and receiving rare bipartisan support, marking a shift from political division to policy consensus in stablecoin regulation. The bill had previously been shelved due to vague statements from 12 Republican lawmakers regarding CBDCs but was ultimately passed under direct pressure from Trump, and is expected to be signed into law on Friday local time.
Meanwhile, the "Clarity Act" sets market structure rules for a broader range of digital assets, attempting for the first time at the federal level to establish boundary standards for tokenized securities, commodities, and tokens. The "Anti-CBDC Monitoring National Act" explicitly restricts the Federal Reserve from issuing central bank digital currencies without congressional authorization, reserving space for private innovation.
These three pieces of legislation form a highly coordinated regulatory framework: they greenlight compliant stablecoins, establish clear rules for the digital asset market, and set limits on central banks directly issuing digital currencies (CBDCs), embodying the core expression of the American regulatory philosophy—supporting free innovation, opposing government dominance, and emphasizing institutional checks and balances. In an era of increasingly divergent global regulatory paths, the U.S. may have opened a strategically exportable "liberalism template."
Citibank, JPMorgan, and Bank of America Join the Fray, Stablecoins Enter Banking Time
With the legislative progress of the "GENIUS Act," the U.S. banking industry has begun to respond intensively.
Major banks such as Citibank, Bank of America, JPMorgan, and PNC have recently made rare and concentrated statements, revealing that they are evaluating the issuance of their own stablecoins, promoting tokenized deposits, and even brewing a "banking alliance stablecoin" cooperation framework. The stablecoin issue has become a necessary response for bank executives when facing the capital markets, indicating a structural impact on the banks' fundamentals.
This shift is not coincidental. The advancement of the "GENIUS Act" not only provides a clear regulatory foundation for banks to engage in stablecoins but also creates a "native advantage zone" for banks through institutional design. The bill sets high thresholds for issuers: 100% U.S. Treasury bonds as reserves, monthly audits, and capital requirements, which are burdensome for non-bank entities but are basic operations for banks. At the same time, banks can gain privileges that non-bank issuers do not have—direct access to core clearing systems like Fedwire and FedNow, unlocking deep integration with the U.S. dollar payment network; creating credit through "tokenized deposits" within the existing regulatory framework, continuing their most important profit model; and legally paying interest to users, making them more attractive in the competition for funds. If U.S. Treasury bonds receive SLR exemptions in the future, this will further reduce banks' capital costs.
Moreover, the behavior of stablecoin users is also eroding the core of banking business. Early stablecoins were seen as "on-ramps and off-ramps," used for temporary exchanges between fiat and crypto assets. However, an increasing number of corporate clients are choosing to hold USDC and USDT long-term for supply chain payments and liquidity management. This means that funds are no longer flowing back into the traditional account system but are instead settling in the issuer's reserve pool and circulating repeatedly on-chain, causing banks to lose their roles as demand deposit and settlement intermediaries. Although currently only about 6% of stablecoins are used for traditional fiat payments, these use cases have begun to weaken banks' control over corporate clients' funds. As corporate clients become accustomed to using USDC for supply chain payments and USDT for fund scheduling, banks not only lose demand deposits but also the potential to participate in the settlement process.
In response, banks are seeking to counterattack with "tokenized deposits." For example, Citibank's path is to transform deposit assets into programmable on-chain assets while retaining the regulatory and account system, enhancing liquidity, compatibility, and customer stickiness, thereby entering the on-chain financial ecosystem and leading compliant stablecoin infrastructure. Looking further ahead, if tokenized deposits, bank stablecoins, and existing on-chain assets achieve interoperability, the operational logic of cross-currency payment networks will fundamentally change.
After Circle: Which Crypto Native Companies Have IPO Potential?
Stablecoins are becoming the "currency layer of the internet," and capital markets have begun to reassess their value. Taking Circle as an example, such companies are no longer classified as banks or SaaS companies but as efficient, scalable financial infrastructure: their revenue relies on reserve interest spreads, growth is driven by channels like Coinbase, yet they bear the role of reconstructing payment networks. As the trend of "freeing" payments accelerates, the difference between traditional banks' marginal costs of up to 7% and stablecoins' near-zero costs is being rapidly priced by Wall Street. After Circle's IPO, its stock price surged nearly sixfold at one point, with a market cap approaching 70% of USDC's circulation, becoming one of the most dramatic valuation recovery IPO cases in recent years. This reassessment signifies that stablecoins, as compliant financial assets, have gained acceptance in the mainstream market.
With the validation of the Circle model, the market is beginning to look for companies with similar elements, namely those with real cash flow, predictable revenue, clear compliance pathways, and leading positions in specific verticals.
According to The Block editor Yogita Khatri's interviews with several venture capitalists, the next batch of crypto native companies with IPO potential is mainly concentrated in four directions: first, trading and brokerage platforms, such as Kraken (which has publicly stated), Gemini, and Bullish (reportedly submitted S-1); second, custody and settlement infrastructure, such as Anchorage and BitGo, which have licensing qualifications and institutional client bases; third, crypto SaaS service providers for enterprises, such as Chainalysis, Alchemy, and Consensys; fourth, non-U.S. dollar stablecoins and cross-border settlement networks that are accumulating real cash flow and regulatory adaptation pathways.
Additionally, some projects with clear structures and diversified revenues also have mid-term IPO potential, including MetaMask (affiliated with Consensys), Flashbots (on-chain sorting infrastructure), and DCG (multi-line holding group).
Market Adoption
Gaming Company Snail Considers Developing a U.S. Dollar Stablecoin, Exploring Blockchain Gaming Economy
Key Points:
· Listed gaming company Snail Games (SNAL) announced that it is considering developing its own U.S. dollar stablecoin, evaluating technical, legal, and financial challenges, and has hired George Cao, founder of crypto exchange AscendEX, as an external advisor.
· The company's stock price rose after announcing this plan, but the plan is still in the exploratory stage, and a specific timeline has not yet been determined.
· Snail's co-CEO Hai Shi stated that the exploration of stablecoins is a natural evolution of the company's innovation strategy, which will support a broader assessment of how blockchain technology aligns with the company's long-term goals in digital transformation in the entertainment sector.
Why It Matters:
With the U.S. stablecoin regulatory framework about to be introduced, not only banks and retail giants like Walmart and Amazon are exploring the issuance of stablecoins, but the entry of gaming companies into this space shows that stablecoin applications are expanding into more verticals. For Snail, integrating stablecoins could enable a blockchain gaming economy, player-driven markets, and cross-border monetization without relying on traditional payment channels, potentially bringing new business models to the gaming industry.
UK Commits to Utilizing DLT and Tokenization in Its Wholesale Strategy
Key Points:
· The UK government announced plans to support the identification of the best application scenarios for distributed ledger technology (DLT) in wholesale financial markets and promote asset tokenization solutions, while establishing cross-market working groups to drive practical applications.
· The UK Treasury stated that regulators are open to innovative payment forms, including tokenized deposits and stablecoins, and will test the combination of stablecoins with other payment solutions in a new digital securities sandbox.
· The UK released a legislative draft for stablecoin issuers and exchanges in April this year, demonstrating its determination to become a crypto hub, with the global asset tokenization market growing 380% in the past three years, reaching a scale of $24 billion.
Why It Matters:
The UK government's clear support for DLT technology and asset tokenization indicates that it is actively competing with the U.S. for the status of a global crypto innovation center. This move will accelerate the application of blockchain technology by traditional financial institutions and create a favorable regulatory environment for asset tokenization and the digitalization of financial infrastructure.
Citibank CEO Confirms the Bank is "Considering Issuing Citibank Stablecoin"
Key Points:
· Citigroup CEO Jane Fraser confirmed during the quarterly earnings call that the bank is "exploring the issuance of Citibank stablecoin," but the current main focus remains on the area of tokenized deposits.
· Fraser emphasized that digital assets represent the next stage of digitizing payments, financing, and liquidity, and Citibank is laying out plans in four key areas: stablecoin reserve management, conversion channels between fiat and digital currencies, crypto asset custody services, and tokenized deposits.
· Citibank's research team predicts that the stablecoin market (primarily pegged to the U.S. dollar) could grow to $3.7 trillion by 2030, viewing digital assets as the next step in financial digitization following fintech.
Why It Matters:
Citibank's initiative reflects the accelerating trend of traditional financial institutions transitioning into the digital asset space. As the U.S. regulatory framework becomes clearer, more banking giants are actively embracing stablecoin technology, which could reshape cross-border payment and settlement systems, providing clients with seamless, multi-bank, cross-border solutions that incorporate compliance, reporting, and accounting features.
JPMorgan CEO: Will Participate in Stablecoin Development to Address Fintech Threats
Key Points:
· JPMorgan CEO Jamie Dimon stated that while he does not understand the appeal of stablecoins, the company will participate in both the "JPMorgan Deposit Coin" and other stablecoin projects to "understand it and excel at it."
· Last month, JPMorgan announced it would launch a limited edition stablecoin exclusively for its clients, which differs from widely accepted true stablecoins; Dimon believes that not participating could cede ground to fintech companies.
· Citibank executives also indicated they are "researching the issuance of Citibank stablecoin," believing the greatest opportunities lie in tokenized deposits and crypto asset custody services; several banks may collaborate through the jointly owned Early Warning Services, similar to their previous partnership to launch the Zelle instant payment service to compete with PayPal.
Why It Matters:
The entry of traditional banking giants into the stablecoin race shows that the financial industry recognizes that blockchain payments may be faster and cheaper than traditional ACH and SWIFT systems. This marks the formal entry of institutional finance into the crypto space, potentially accelerating the mainstream application of stablecoins in payments and settlements, and having a profound impact on the payment ecosystem.
Bank of America CEO Confirms Development of Stablecoin, Joining Wall Street Digital Asset Race
Key Points:
· Bank of America CEO Brian Moynihan stated on Wednesday that the bank has "completed a significant amount of work" on stablecoin development and plans to launch a product at the appropriate time, but further assessment of market size and customer demand is needed.
· Moynihan hinted that Bank of America might collaborate with other companies to launch a stablecoin rather than acting alone, determining the specific timing based on customer demand.
Why It Matters:
· As the GENIUS Act progresses in Congress, Wall Street giants are positioning themselves in the stablecoin space, indicating that traditional financial institutions are actively embracing digital asset innovation. Bank of America's entry into this race will further promote the mainstreaming of stablecoins and could reshape the competitive landscape in cross-border payments and settlements.
Macro Trends
Standard Chartered: Stablecoin Market Cap Reaching $750 Billion Will Reshape U.S. Treasury Market
Key Points:
· Geoff Kendrick, head of digital asset research at Standard Chartered, stated that once the stablecoin market reaches approximately $750 billion, it will begin to reshape Treasury issuance, monetary policy, and the structure of the U.S. Treasury market.
· Kendrick expects that, driven by the clarity of regulation and bipartisan support for the GENIUS Act, which may pass as early as next week, the stablecoin market will grow at least threefold from its current $240 billion by the end of 2026.
· As stablecoins are typically backed by equivalent U.S. dollar assets (mainly short-term U.S. Treasuries), the expansion in scale will increase demand for short-term Treasuries, potentially forcing the U.S. Treasury to adjust its issuance structure, affecting the shape of the yield curve.
Why It Matters:
· The rapid growth of the stablecoin market will redefine global demand for U.S. dollar assets, potentially leading to capital outflows from emerging markets and changing corporate cash management practices. The 540% surge in Circle's stock price following its IPO reflects market confidence in stablecoins as digital financial infrastructure.
Analysis: Stablecoins Not for U.S. Treasury Financing, Future Use in Hong Kong for Tuition Payments, Bypassing SWIFT System
Key Points:
· Zhu Taihui, a senior researcher at the National Financial and Development Laboratory, pointed out that calling 2025 the "compliance year" for stablecoins is inappropriate. The development of stablecoins in the U.S. is not primarily to alleviate debt; creating new investment demand for U.S. Treasuries is merely a side effect.
· Some merchants in the U.S., Singapore, and Europe already support stablecoin payments on-site. Zhu predicts that with regulatory openness and technological maturity, places like Hong Kong may achieve tuition payments using stablecoins in the future.
· Zhu emphasized that stablecoins are fundamentally different from QQ coins; stablecoins can circulate globally and bypass the U.S.-dominated SWIFT and CHIPS systems, providing a new channel to evade U.S. financial sanctions.
Why It Matters:
· This perspective reveals that stablecoins are moving from theory to practical payment applications, not only expanding payment scenarios but also possessing strategic value in bypassing traditional international payment systems. This has significant reference value for China's exploration of new digital payment paths.
New Product Updates
Privacy Protocol Privacy Pools Integrates Sky USDS Stablecoin, Initiating Multi-Asset Privacy Pool Expansion
Key Points:
· Privacy Pools, an on-chain privacy solution supported by Ethereum co-founder Vitalik Buterin, announced the integration of Sky's USDS stablecoin, marking its first step towards expanding into "multi-asset privacy pools."
· Privacy Pools is developed by blockchain startup 0xbow, utilizing a zero-knowledge proof mixing network system and "associated set provider" technology to ensure that only "clean" funds can enter the pool, providing compliant privacy protection.
· This technology stems from a paper co-authored by Buterin, Chainalysis researchers, and scholars. Unlike traditional mixers like Tornado Cash, Privacy Pools uses "associated sets" as gatekeepers to prevent bad funds from entering.
Why It Matters:
· This integration represents the crypto space's pursuit of a balance between privacy and compliance, providing privacy protection for stablecoins through zero-knowledge proof technology while maintaining regulatory compliance. In the coming weeks, it will support more assets and ecosystems, potentially becoming an important development direction for privacy solutions in the stablecoin space.
Ripple Launches XRPL Token Metadata Standard, Enhancing Interoperability of Stablecoins and RWA Assets
Key Points:
· RippleX developers introduced the XLS-0089d draft standard to structure metadata for multi-purpose tokens (MPT) on the XRP Ledger, aimed at improving token discoverability and interoperability across wallets, indexers, and block explorers.
· The standard defines a minimized standardized format for a 1024-byte metadata field for each token, including basic information such as token name, code, issuer, category, and icon, while supporting deeper off-chain details through external URI links.
· The proposal designs a clear asset classification system, particularly providing subcategories for real-world assets (RWA) such as stablecoins, private credit, real estate, and equity, facilitating indexers in distinguishing different asset-backed tools.
Why It Matters:
· This voluntarily adopted backward-compatible standard aims to balance flexibility with machine readability. Although not mandatory, it will significantly enhance the visibility and integration of adopters within the XRPL ecosystem, particularly benefiting tools like cross-chain bridges, on-chain analytics platforms, and institutional-grade wallets, helping to promote the standardization of the XRP ecosystem and improve user experience.
Capital Layout
Former Coinbase Executive Establishes Stablecoin New Bank Dakota, Secures $12.5 Million in Series A Funding
Key Points:
· Dakota, a new bank founded by former Coinbase custody head Ryan Bozarth, announced the completion of $12.5 million in Series A funding, led by crypto venture capital firm CoinFund, with participation from 6th Man Ventures, Digital Currency Group, and Kraken's Triton Ventures.
· As a stablecoin-driven digital bank, Dakota has processed approximately $1.6 billion in transaction volume, expecting to reach $4 billion by the end of the year, with over 500 corporate clients primarily located outside the U.S.
· The platform offers checking accounts and deposit yields similar to traditional banks, but innovatively uses stablecoins to facilitate fund transfers among multiple banking partners, providing dollar account services for overseas clients.
Why It Matters:
As major banks like JPMorgan and Citibank explore digital asset integration, and crypto companies like Circle and Ripple apply for banking licenses, Dakota represents a new trend in the fusion of crypto and traditional finance, leveraging stablecoin technology to improve cross-border payments and reduce transaction costs. With the regulatory environment gradually clarifying, it opens up new business models for digital banking and stablecoin applications.
Plasma Raises $50 Million to Launch Zero-Fee Stablecoin Payment Network, Valued at $500 Million
Key Points:
· Plasma launched its XPL public token sale on July 17, selling 1 billion XPL tokens (10% of total supply) with a fundraising goal of $50 million, valuing the project at $500 million. Over 4,000 wallets have participated in the pre-sale activity.
· XPL, as the native token of the Plasma blockchain, aims to build a zero-fee, fully transparent fund transfer infrastructure, targeting the introduction of trillion-dollar stablecoin funds on-chain to provide underlying support for global stablecoin transactions.
· The token distribution plan allocates: 10% for public sale, 40% for ecosystem and growth, 25% to the team (three-year unlock), and 25% to investors. The validator network will implement a proof-of-stake mechanism, with an initial annual inflation rate of 5%, decreasing by 0.5% each year until it reaches 3%.
Why It Matters:
Plasma offers a zero-fee solution for stablecoin transactions by combining Bitcoin's security with Ethereum's smart contract capabilities. In the context of gradually clarifying stablecoin regulatory frameworks, this model may attract a large number of users and developers seeking low-cost transactions, providing a new infrastructure option for the DeFi ecosystem.
Regulatory Compliance
Trump Administration Promotes De Minimis Tax Exemption for Crypto Payments to Encourage Everyday Use of Digital Currencies
Key Points:
· White House Press Secretary Karoline Leavitt stated on Thursday that the Trump administration continues to support the implementation of a de minimis exemption policy for cryptocurrency transactions and will explore legislative solutions aimed at making crypto payments as "simple and efficient as buying a cup of coffee."
· The previous proposal for a crypto de minimis exemption failed to pass in the "One Big Beautiful Bill Act" signed by Trump on July 4, which was intended to exempt crypto gains below $300 from taxation.
· Currently, the IRS requires individuals to report all cryptocurrency transactions, regardless of whether they result in capital gains or losses, a regulation that hinders the use of cryptocurrency for everyday small payments.
Why It Matters:
The de minimis tax exemption policy would eliminate tax barriers that prevent individuals from using cryptocurrency for everyday small payments, promoting the practical application of cryptocurrency as a payment method. This aligns with the Trump administration's goal of making the U.S. the "world's crypto capital" and demonstrates the new government's determination to continue advancing crypto-friendly policies.
Wyoming Tests Real-Time Payment System for State Government Stablecoin Based on Avalanche Chain
Key Points:
· Wyoming is testing its upcoming state government stablecoin, the Wyoming Stable Token (WYST), for real-time payments to government contractors.
· The pilot project implements WYST's instant payments through Hashfire's Document Authentication Protocol based on the Avalanche blockchain, reducing the payment cycle for government suppliers from the usual 45 days to seconds.
· Wyoming previously indicated plans to launch this dollar-pegged stablecoin as early as July, and this test prepares for its official release.
Why It Matters:
This project represents a significant breakthrough for U.S. government entities in adopting blockchain technology, showcasing how stablecoins can enhance the efficiency of government financial systems and significantly shorten payment cycles. This could provide a template for innovative public sector payments for other states and federal agencies while setting a benchmark for blockchain applications in government affairs.
China's Ministry of Industry and Information Technology Promotes Research on Integration of Stablecoins and Industrial Digital Assets, Involving Financial Institutions
Key Points:
· The China Industrial Internet Research Institute recently held a seminar on "Stablecoins and Industrial Digital Assets," discussing key topics such as stablecoin policy regulation, the transformation of industrial digital assets, and the integration of RWA (Real-World Asset tokenization) with the industrial internet.
· The Ministry of Industry and Information Technology sent representatives to guide the meeting, indicating an increased official focus on the application of digital assets in the industrial sector.
· The meeting attracted experts from financial institutions such as Guosen Securities, SoftBank Asia Venture Capital, and Fosun Wealth International, indicating that financial capital is actively looking at investment opportunities in the industrial digital asset space.
Why It Matters:
This seminar marks a new phase in China's exploration of stablecoins and industrial digital assets, with official institutions gradually promoting the integration of traditional industries with blockchain and digital asset technologies. This could provide policy guidance for the tokenization and digitalization of industrial assets and has significant implications for the combination of industrial internet and financial innovation.
FSB Chair Bailey Lists Stablecoins as a Priority Ahead of G20 Meeting
Key Points:
· Andrew Bailey, the new chair of the Financial Stability Board (FSB) and Governor of the Bank of England, stated in a letter to the G20 that assessing the role of stablecoins in payments and settlements will become a priority for the FSB.
· Bailey emphasized that the FSB should continue to implement the agreed-upon stablecoin regulatory recommendations and monitor developments across jurisdictions. This statement was released ahead of the upcoming two-day G20 meeting.
· The FSB has been focused on monitoring stablecoin regulations since it proposed rules in 2021. Recently, Bailey also warned global investment banks against developing their own stablecoins, believing this could undermine credit creation and monetary policy control.
Why It Matters:
With the U.S. Senate passing the GENIUS stablecoin bill and the stablecoin market reaching new heights, global regulators are increasing their focus on stablecoins. The FSB, as a global financial stability coordinating body, prioritizing stablecoins indicates that an international regulatory framework is accelerating, which could influence future stablecoin policies in various countries.
Federal Reserve, FDIC, and OCC Joint Statement Clarifies Rules for Banks Holding Customer Crypto Assets
Key Points:
· The Federal Reserve, FDIC, and OCC jointly issued a statement confirming that banks can provide crypto asset custody services but must strictly comply with existing laws and regulations and enhance risk management.
· The statement requires banks to conduct comprehensive risk assessments and controls regarding crypto asset key management, third-party custody relationships, cybersecurity measures, compliance, and anti-money laundering.
· Banks must ensure that relevant personnel possess the necessary technical capabilities, improve customer agreement content, and conduct regular internal and external audits to safeguard customer crypto assets.
Why It Matters:
Although this statement does not establish new regulatory requirements, it clarifies the compliance standards for traditional banks participating in crypto asset custody services, paving the way for banks to offer crypto-related services and potentially promoting further integration between traditional finance and the crypto industry.
Ripple Plans to Apply for MiCA License to Expand into EU Market
Key Points:
· Payment solutions company Ripple confirmed plans to apply for a license under the European Crypto-Asset Market Regulation (MiCA) to expand its cryptocurrency and stablecoin business in the European Economic Area.
· Ripple registered Ripple Payments Europe S.A. in Luxembourg at the end of April this year and reportedly applied for a Luxembourg electronic money institution license, although the company has not confirmed or denied this report.
· Luxembourg is becoming a hub for crypto companies seeking MiCA compliance, with several well-known institutions such as Coinbase, Bitstamp, and Standard Chartered already obtaining crypto asset service provider licenses in the country.
Why It Matters:
Ripple's pursuit of a MiCA license indicates that the company is actively expanding into regulated markets. The clear regulatory framework in Europe is attracting more crypto companies to establish compliant operations, which may promote the mainstream adoption of crypto payments in Europe while strengthening Ripple's competitive position in the global payments space.
Circle Applies to Establish the First U.S. Digital Currency Bank, Focusing on USDC Trust and Institutional Services
Key Points:
· Circle has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish the first bank in the U.S. focused on digital currencies.
· This new bank will not offer traditional banking services but will focus on trust functions related to the USDC stablecoin, reserve management, and providing crypto asset custody services for institutional clients.
· This move is an important step for Circle in seeking deeper integration with financial infrastructure under the U.S. regulatory framework, aiming to provide a more solid regulatory foundation for its USDC stablecoin business.
Why It Matters:
Circle's initiative marks a critical step for stablecoin issuers transitioning into the traditional financial system. If approved, it will set a precedent for digital asset companies to obtain banking licenses, significantly enhancing the institutional adoption and compliance of USDC while paving the way for the integration of stablecoins with the traditional financial system.
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