The Circle statement emphasizes that the new status will allow the company to act as a casteadian for its own reserves and store cryptocurrencies on behalf of its institutional customers. At the same time, the license will not allow accepting cash deposits or issuing loans.
“Circle has long been striving to achieve the highest standards of trust, transparency and management. By applying for a national trust charter, Circle takes steps to strengthen the USDC infrastructure. We will comply with the forming regulation of the United States for the production and operation of payment stablecoins denominated in dollars, ”said Jeremy Allaire, CEO of Jeremy Allaire.
He emphasized that the new structure will be engaged in the management of the USDC stablecoin reserves, but some of the assets will be stored in large banking institutions.
Registration of such an organization will relieve the need to receive many permits for financial transactions. The company will be able to focus on the provision of services for shares and bonds presented in the form of tokens in blockchains, Circle noted.
Earlier, The Wall Street Journal said that the emergence of new bills on stablecoins in the United States allowed companies such as Circle and Bitgo to declare their intention to apply for banking licenses, and traditional banks are considering the possibility of providing cryptocurrency services.
Source: Bits
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