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Circle announces intention to become a bank, fully regulated by Federal Reserve, OCC, and FDIC, which could make USDC a de facto central bank digital currency

Crypto giant Circle has announced its intention to become a bank, fully regulated by the Federal Reserve, the Office of the Comptroller of the Currency, and the FDIC.

Axios Felix Salmon

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Discussion

  • @jp_koning John Paul Koning on x
    Circle makes no effort to identify unhosted USDC users, which seems incompatible with the OCC's interpretive letter on stablecoins. Here is Circle's announcement. https://circle.com/... And here is the OCC: https://www.occ.gov/... ⬇️ https://twitter.com/...
  • @felixsalmon Felix Salmon on x
    New from me: How Circle could create a CBDC https://www.axios.com/...
  • @splitcapital Zaheer on x
    Circle looking to become the first stablecoin issuer with full banking license. Feels early still... @circlepay https://twitter.com/... https://twitter.com/...
  • @jerallaire Jeremy Allaire on x
    Circle's journey to become a national full-reserve digital currency commercial bank: https://www.circle.com/...
  • @chrisamccoy McCoy on x
    Next, stables from Wells Fargo, Chase, and more. Banks will have no choice but to support crypto. Nice move @jerallaire. https://twitter.com/...