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Circle Applies for US Trust Bank License After Bumper IPO

June 30 (Reuters) - Stablecoin firm Circle is applying to create a national trust bank in the U.S., a major move after its blockbuster IPO valued the company at nearly $18 billion earlier this month.I

Circle Applies for US Trust Bank License After Bumper IPO

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":451853283259096,"tweetId":"451853283259096","gmtCreate":1751341264474,"gmtModify":1751342725208,"author":{"id":4214052179507692,"idStr":"4214052179507692","authorId":4214052179507692,"authorIdStr":"4214052179507692","name":"Ahamed Naseer","avatar":"https://community-static.tradeup.com/news/5ebdf96a07001a8826b2e99373874602","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"html":"<html><head></head><body><p>Share your opinion about this news…</p></body></html>","htmlText":"<html><head></head><body><p>Share your opinion about this news…</p></body></html>","text":"Share your opinion about this news…","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/451853283259096","repostId":2548440017,"repostType":2,"repost":{"id":"2548440017","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1032215980","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"pubTimestamp":1751333100,"share":"https://ttm.financial/m/news/2548440017?lang=en_US&edition=fundamental","pubTime":"2025-07-01 09:25","market":"us","language":"en","title":"Circle Applies for US Trust Bank License After Bumper IPO","url":"https://stock-news.laohu8.com/highlight/detail?id=2548440017","media":"Reuters","summary":"June 30 (Reuters) - Stablecoin firm Circle is applying to create a national trust bank in the U.S., a major move after its blockbuster IPO valued the company at nearly $18 billion earlier this month.I","content":"<html><head></head><body><p>June 30 (Reuters) - Stablecoin firm Circle is applying to create a national trust bank in the U.S., a major move after its blockbuster IPO valued the company at nearly $18 billion earlier this month.</p><p>If the charter is granted by the U.S. Office of the Comptroller of the Currency, it would enable Circle to act as a custodian for its own reserves and hold crypto assets on behalf of institutional clients. Unlike traditional banks, the license would not allow Circle to take cash deposits or make loans.</p><p>&#34;Circle has long sought to seek the highest standards of trust, transparency, governance, compliance,&#34; CEO Jeremy Allaire told Reuters in an interview. &#34;Becoming a publicly traded company is a significant part of that, becoming a national trust company is again a continuation of that.&#34;</p><p>Circle&#39;s national trust bank entity would be called First National Digital Currency Bank, N.A.</p><p>Crypto platform Anchorage Digital is currently the only digital asset company with a national trust bank charter.</p><p>Circle issues the dollar-pegged stablecoin USDC. Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say that they could be used to send payments instantly.</p><p>Stablecoins are backed by assets such as U.S. dollars and short-term Treasury bills in order to maintain their peg to the dollar. Currently, Circle&#39;s reserves -- short-dated U.S. Treasury bills, overnight U.S. Treasury repurchase agreements and cash -- are held in custody at BNY and managed by BlackRock.</p><p>The new entity would manage Circle’s USDC reserves, although some reserves will continue to be held at major banks, Allaire said.</p><p>The license would also allow Circle to provide custody services for digital assets on behalf of institutional customers. However, Allaire said it will focus on providing custody for assets like stocks and bonds that are represented via a token on a blockchain network, over traditional cryptocurrencies like bitcoin and ether.</p><h2 id=\"id_764196246\" style=\"text-align: start;\">GOING MAINSTREAM</h2><p>The move from Circle comes as Congress gets closer to passing a bill to create a federal regulatory framework for stablecoins. If signed into law, the bill would require tokens to be backed by liquid assets and for issuers to publicly disclose the composition of their reserves on a monthly basis.</p><p>The Senate passed the bill earlier this month, and the House of Representatives is poised to pass the legislation early this summer.</p><p>U.S. President Donald Trump is expected to sign the bill into law. He has sought to overhaul cryptocurrency regulation after courting cash from the industry during his presidential campaign.</p><p>Once signed into law, the bill could pave the way for more traditional financial institutions and retailers to incorporate stablecoins into their businesses, experts and analysts say. Circle is preparing for that eventuality, Allaire said.</p><p>&#34;We&#39;re going from the early-adopter phase of this technology into the mainstream,&#34; said Allaire. &#34;As a public company, and now, hopefully if we are successful in getting approval from the OCC as a national trust, that will give us a foundation that the world&#39;s leading institutions are going to be comfortable building on.&#34;</p><p>Wall Street brokerages began coverage of Circle on Monday with broadly bullish ratings, although some analysts voiced concerns about its elevated valuation given that the stock has more than doubled since its market debut.</p><p>Barclays, Bernstein, Canaccord Genuity and Needham launched coverage with the equivalent of &#34;buy&#34; ratings and price targets above $200, while JPMorgan and Goldman Sachs had more bearish outlooks.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Circle Applies for US Trust Bank License After Bumper IPO</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCircle Applies for US Trust Bank License After Bumper IPO\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1032215980\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2025-07-01 09:25</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>June 30 (Reuters) - Stablecoin firm Circle is applying to create a national trust bank in the U.S., a major move after its blockbuster IPO valued the company at nearly $18 billion earlier this month.</p><p>If the charter is granted by the U.S. Office of the Comptroller of the Currency, it would enable Circle to act as a custodian for its own reserves and hold crypto assets on behalf of institutional clients. Unlike traditional banks, the license would not allow Circle to take cash deposits or make loans.</p><p>&#34;Circle has long sought to seek the highest standards of trust, transparency, governance, compliance,&#34; CEO Jeremy Allaire told Reuters in an interview. &#34;Becoming a publicly traded company is a significant part of that, becoming a national trust company is again a continuation of that.&#34;</p><p>Circle&#39;s national trust bank entity would be called First National Digital Currency Bank, N.A.</p><p>Crypto platform Anchorage Digital is currently the only digital asset company with a national trust bank charter.</p><p>Circle issues the dollar-pegged stablecoin USDC. Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say that they could be used to send payments instantly.</p><p>Stablecoins are backed by assets such as U.S. dollars and short-term Treasury bills in order to maintain their peg to the dollar. Currently, Circle&#39;s reserves -- short-dated U.S. Treasury bills, overnight U.S. Treasury repurchase agreements and cash -- are held in custody at BNY and managed by BlackRock.</p><p>The new entity would manage Circle’s USDC reserves, although some reserves will continue to be held at major banks, Allaire said.</p><p>The license would also allow Circle to provide custody services for digital assets on behalf of institutional customers. However, Allaire said it will focus on providing custody for assets like stocks and bonds that are represented via a token on a blockchain network, over traditional cryptocurrencies like bitcoin and ether.</p><h2 id=\"id_764196246\" style=\"text-align: start;\">GOING MAINSTREAM</h2><p>The move from Circle comes as Congress gets closer to passing a bill to create a federal regulatory framework for stablecoins. If signed into law, the bill would require tokens to be backed by liquid assets and for issuers to publicly disclose the composition of their reserves on a monthly basis.</p><p>The Senate passed the bill earlier this month, and the House of Representatives is poised to pass the legislation early this summer.</p><p>U.S. President Donald Trump is expected to sign the bill into law. He has sought to overhaul cryptocurrency regulation after courting cash from the industry during his presidential campaign.</p><p>Once signed into law, the bill could pave the way for more traditional financial institutions and retailers to incorporate stablecoins into their businesses, experts and analysts say. Circle is preparing for that eventuality, Allaire said.</p><p>&#34;We&#39;re going from the early-adopter phase of this technology into the mainstream,&#34; said Allaire. &#34;As a public company, and now, hopefully if we are successful in getting approval from the OCC as a national trust, that will give us a foundation that the world&#39;s leading institutions are going to be comfortable building on.&#34;</p><p>Wall Street brokerages began coverage of Circle on Monday with broadly bullish ratings, although some analysts voiced concerns about its elevated valuation given that the stock has more than doubled since its market debut.</p><p>Barclays, Bernstein, Canaccord Genuity and Needham launched coverage with the equivalent of &#34;buy&#34; ratings and price targets above $200, while JPMorgan and Goldman Sachs had more bearish outlooks.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IE00B3PB1722.GBP":"GUINNESS GLOBAL EQUITY INCOME \"C\" (GBP) INC","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","CRCL":"Circle Internet Corp.","IE00BDGV0183.EUR":"GUINNESS GLOBAL EQUITY INCOME \"C\" (EUR) INC","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU0130517989.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"R\" INC","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0772969993.USD":"FIDELITY GLOBAL DIVIDEND \"A\" (USD) ACC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","IE00BGHQF631.EUR":"GUINNESS GLOBAL EQUITY INCOME \"C\" (EUR) ACC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","BK4535":"淡马锡持仓","LU1481011671.HKD":"FIDELITY GLOBAL DIVIDEND \"A\" (HKDHDG) INC","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","LU1291159041.SGD":"CPR Invest - Global Silver Age A2 Acc SGD-H","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU1989771016.USD":"东方汇理环球老龄化投资基金 A2 Acc","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","BK4504":"桥水持仓","BK4559":"巴菲特持仓","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","BK4135":"资产管理与托管银行","LU1481011911.USD":"FIDELITY GLOBAL DIVIDEND \"A\" (USDHDG) INC","LU0477156953.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"RE\" (USD) ACC","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","BK4588":"碎股","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","LU0731783048.USD":"FIDELITY GLOBAL DIVIDEND \"A\" (USD) INC MONTHLY (G)","LU1509826696.USD":"FIDELITY GLOBAL DIVIDEND \"A\" (USD) INC B","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","IE00B64PRP62.GBP":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (GBP) ACC","IE00B3QW5Z07.USD":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (USD) ACC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU0742537680.HKD":"FIDELITY GLOBAL DIVIDEND \"A \" (HKD) INC","LU1599440770.SGD":"FIDELITY GLOBAL DIVIDEND \"A\" (SGDHDG) INC","BK4023":"应用软件","IE00BGHQF748.EUR":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (EUR) ACC","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","BK4581":"高盛持仓","IE00BVYPNV92.GBP":"GUINNESS GLOBAL EQUITY INCOME \"C\" (GBP) ACC","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC"},"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20250630:nL1N3SX0H6:1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2548440017","content_text":"June 30 (Reuters) - Stablecoin firm Circle is applying to create a national trust bank in the U.S., a major move after its blockbuster IPO valued the company at nearly $18 billion earlier this month.If the charter is granted by the U.S. Office of the Comptroller of the Currency, it would enable Circle to act as a custodian for its own reserves and hold crypto assets on behalf of institutional clients. Unlike traditional banks, the license would not allow Circle to take cash deposits or make loans.\"Circle has long sought to seek the highest standards of trust, transparency, governance, compliance,\" CEO Jeremy Allaire told Reuters in an interview. \"Becoming a publicly traded company is a significant part of that, becoming a national trust company is again a continuation of that.\"Circle's national trust bank entity would be called First National Digital Currency Bank, N.A.Crypto platform Anchorage Digital is currently the only digital asset company with a national trust bank charter.Circle issues the dollar-pegged stablecoin USDC. Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say that they could be used to send payments instantly.Stablecoins are backed by assets such as U.S. dollars and short-term Treasury bills in order to maintain their peg to the dollar. Currently, Circle's reserves -- short-dated U.S. Treasury bills, overnight U.S. Treasury repurchase agreements and cash -- are held in custody at BNY and managed by BlackRock.The new entity would manage Circle’s USDC reserves, although some reserves will continue to be held at major banks, Allaire said.The license would also allow Circle to provide custody services for digital assets on behalf of institutional customers. However, Allaire said it will focus on providing custody for assets like stocks and bonds that are represented via a token on a blockchain network, over traditional cryptocurrencies like bitcoin and ether.GOING MAINSTREAMThe move from Circle comes as Congress gets closer to passing a bill to create a federal regulatory framework for stablecoins. If signed into law, the bill would require tokens to be backed by liquid assets and for issuers to publicly disclose the composition of their reserves on a monthly basis.The Senate passed the bill earlier this month, and the House of Representatives is poised to pass the legislation early this summer.U.S. President Donald Trump is expected to sign the bill into law. He has sought to overhaul cryptocurrency regulation after courting cash from the industry during his presidential campaign.Once signed into law, the bill could pave the way for more traditional financial institutions and retailers to incorporate stablecoins into their businesses, experts and analysts say. Circle is preparing for that eventuality, Allaire said.\"We're going from the early-adopter phase of this technology into the mainstream,\" said Allaire. \"As a public company, and now, hopefully if we are successful in getting approval from the OCC as a national trust, that will give us a foundation that the world's leading institutions are going to be comfortable building on.\"Wall Street brokerages began coverage of Circle on Monday with broadly bullish ratings, although some analysts voiced concerns about its elevated valuation given that the stock has more than doubled since its market debut.Barclays, Bernstein, Canaccord Genuity and Needham launched coverage with the equivalent of \"buy\" ratings and price targets above $200, while JPMorgan and Goldman Sachs had more bearish outlooks.","news_type":1,"symbols_score_info":{"CRCL":0.9}},"isVote":1,"tweetType":1,"viewCount":606,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":30,"optionInvolvedFlag":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}