USDC issuer to apply for a crypto banking license
The company announced its plans in August and has been in talks with regulators ever since
15.04.2022 - 10:10
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What’s new? Boston-based Circle Internet Financial said it is close to applying for a crypto banking license in the United States. The company announced its plans in August 2022 and has been in talks with regulators since then, Circle co-founder and CEO Jeremy Allaire told Bloomberg. He did not say when the company will apply but he hopes that it will happen “in near future.”
What is known about Circle’s plans? On April 12, Circle, the issuer of the USDC digital stablecoin, raised $400 million in investments from BlackRock, Fidelity, Marshall Wace, and Fin Capital. As part of an expanded collaboration with one of the world’s largest asset management companies, BlackRock, the parties will explore opportunities to apply USDC in the capital market.
The US Treasury’s Office of the Comptroller of the Currency (OCC) discussed with Circle management topics relating to the company’s banking ambitions. These include interoperability between blockchains and ways to assess the operational risks of a particular blockchain, according to Allaire.
On March 31, 2022, Circle Internet Financial selected investment bank, BNY Mellon, as a custodian for USD Coin (USDC) reserves
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