Summary: Stablecoin issuer Circle is applying for a US national trust bank charter, which would enable it to act as a custodian for its reserves and hold crypto assets for institutional clients. This move comes after Circle’s successful IPO and as Congress prepares to pass a federal regulatory framework for stablecoins. The new entity, First National Digital Currency Bank, would manage Circle’s USDC reserves and provide custody services for tokenized assets.

Link: https://www.straitstimes.com/business/banking/stablecoin-issuer-circle-applies-for-us-national-trust-bank-licence-after-mega-ipo