Circle wants to become a national bank
Circle, the parent company behind the USDC stablecoin, has revealed its plan to become a national digital bank. The company revealed this in a blog post by its CEO Jeremy Allaire. The move would make it attain a higher position than the OCC charter issued to several crypto firms.Allaire said, “Circle intends to become a full-reserve national commercial bank, operating under the supervision and risk management requirements of the Federal Reserve, U.S. Treasury, OCC, and the FDIC. We believe that full-reserve banking, built on digital currency technology, can lead to not just a radically more efficient, but also a safer, more resilient financial system.”
If it becomes a national digital bank, Circle will be under the supervision of the Federal Reserve, U.S. Treasury, Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). Circle would also become the first cryptocurrency company to become a national digital bank.
Some cryptocurrency firms like Anchorage have received an OCC banking charter, but it is nothing compared to the national digital bank Circle is seeking.
Circle records tremendous growth in 2021
Circle’s USDC coin has experienced massive success over the past few months, and it is second behind Tether’s USDT in the stablecoin market. Allaire stated that “Now, with USDC at more than $27.5 billion in circulation, and building on our long-standing commitment to trust, transparency and accountability in the dollar-denominated reserves backing USDC.”The Circle CEO said the company is embarking on this journey alongside the efforts of the top U.S. financial regulators in a bid to better manage the risks and opportunities posed by large-scale private-sector dollar stablecoins.
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