Sunday, March 3, 2024

Circle Will Apply For Crypto Bank Charter: CEO Jeremy Allaire

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Circle will apply for a Crypto bank charter later this year according to its CEO Jeremy Allaire so let’s read more in today’s latest crypto news.

Circle Internet Financail as the issuer of the USDC stablecoin plans to apply for a crypto bank licnese in the US in the near future. According to the CEO Jeremy Allaire, the company has been in negotiations with regulators on the issue since August 2021 when it revealed its plans to convert into a bank Allaire also said that the Circle will apply for a crypto bank charter in the near future. The Circle management has been in talks with the US office of the Comptroller of the currency on a range of issues that relate to the bank plans and including the interoperability of blockchains and how these risks can be assessed in a specific blockchain.

The US watchdogs called for bigger regulation of stablecoins and argued that they should be issued by the banks. If Circle has a plan to become a bank it will mean a smoother run for the stablecoin but also for the company with the regulators on the US market. Circle’s intentions to transform into a crypto bank came after Anchorage Digital and Protego Trust Bank NA did the same and recieved federal charters to operate as such entities in the US.

Circle CEO Says Crypto, allaire, ukraine,
Circle CEO Jeremy Allaire

A few days ago, Circle announced that it raised $400 million in a funding round participated by major finance companies like Marshall Wace, BlackRock, fin Capital, and fidelity. In addition to the funding, BlackRock and Circle made a partnership where the two companies will start exploring the applications for USDC in the capital marekt:

“As part of their partnership, both companies will expand their existing relationship whereby Blackrock manages significant asset reserves that are backing USDC.”

Circle announced a deal with Conrocrd Acquisition Corp which is an NYSE-listed special purpose company wt a valuation of $9 billion which is double the $4.5 billion back in 2021. at that time, the company revealed more plans to go public by the end of 2022. Circle’s USDC is the second biggest stablecoin with a market cap of a little over $50 billion and the fifth-biggest crypto as well.

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