Stablecoin issuer Circle applied to establish a national trust bank in the US.

[Stablecoin issuer Circle applies to establish a national trust bank in the U.S.] Stablecoin issuer Circle ( CRCL.K ) is applying to establish a national trust bank in the United States. Earlier this month, the company achieved a valuation of nearly $18 billion through an IPO, and this application is a key move following that. If the OCC approves this charter, Circle will be able to act as a custodian of its own reserves and hold crypto assets on behalf of institutional clients. However, unlike traditional banks, this license does not allow Circle to accept cash deposits or issue loans. Currently, Anchorage Digital is the only digital asset company with a national trust bank license. Experts and analysts say that once the bill is signed into law, it may pave the way for more traditional financial institutions and retailers to incorporate stablecoins into their business.