News

Circle applies for US bank charter

Monday 25 April 2022 12:34 CET | News

Stablecoin issuer Circle has announced it is in discussions with US regulators to become the fourth crypto-native company to open a federal trust charter through the Office of the Comptroller of the Currency (OCC).

If approved, Circle will become a federally regulated entity offering custody services, payment, exchange, stablecoin management, and other financial-related services. With the approval, Circle will join Paxos Trust, Anchorage, and Protego Trust who also received preliminary approvals to become crypto-enabling national trusts.

Circle will serve as a compliant bridge to the US dollar payments system and its in-house developed stablecoin, USDC. However, it is required to comply with all state and federal laws, including AML, KYC policies, and SPDI and digital asset laws. Under the SPDI laws, fiat deposits must meet consumer protection standards and be 100 % reserved.

So far, Circle raised nearly USD 1 billion in funding, with the latest Series E funding round being led by AUM and gathering USD 400 million.

More: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: stablecoin, regulation, funding, crowdfunding, AML, KYC, online payments, cryptocurrency, cryptocurrency exchange
Categories: DeFi & Crypto & Web3
Companies: Circle
Countries: United States
This article is part of category

DeFi & Crypto & Web3

Circle

|
Discover all the Company news on Circle and other articles related to Circle in The Paypers News, Reports, and insights on the payments and fintech industry: