Circle Internet Group, the world’s second-largest stablecoin issuer, is making a significant move in the crypto industry. With a license from the Office of the Comptroller of the Currency (OCC), the company will gain some of the powers traditionally held by conventional banks. This step comes in the wake of Circle’s record-breaking public offering in June. According to Reuters, Circle plans to launch banking operations under the name First National Digital Currency Bank, N.A. This license will allow the company to hold its USDC reserves internally and custody crypto assets on behalf of institutional clients. However, the OCC license will not permit Circle to accept cash deposits or extend loans like traditional banks. The company has long been planning to apply for a U.S. banking charter, and this move represents an important milestone towards that goal. Circle’s successful public offering was noteworthy, with the CRCL stock surging 167% on its first trading day after being priced at $31. Earlier this week, Bernstein analysts highlighted the potential for USDC to become the largest regulated stablecoin under the GENIUS Act, providing a ‘regulatory advantage’ for the firm. Current data shows USDC’s market capitalization stands at $61.5 billion, while Circle’s stock closed at $181.29, giving the company a market value of over $40 billion.
