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.
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