Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle, a leading stablecoin issuer, has refuted claims that the company is seeking a U.S. federal bank charter or planning to acquire an insured depository institution.
In a post on X (formerly Twitter) dated April 25, Disparte clarified that Circle is not pursuing a federal bank charter. Instead, the company is focused on preparing to meet forthcoming U.S. regulatory requirements for payment stablecoins. These regulations may necessitate registering under a federal or state trust charter, or obtaining a nonbank license, depending on the finalized framework.
@circle does not intend to become a bank or any other kind of an insured depository institution. We do intend to comply with a future U.S. regulatory framework for payment stablecoins, which may require registering for a federal or state trust charter or other nonbank license. We…
— Dante Disparte (@ddisparte) April 25, 2025
Disparte emphasized the need for swift legislative action, calling on U.S. lawmakers to establish clear regulatory guidelines for stablecoins. His statement directly addresses recent media reports suggesting that several crypto companies, including Circle and digital asset custodian BitGo, were exploring banking licenses or charters.
These reports also named other prominent players in the crypto space, including publicly traded U.S.-based exchange Coinbase and stablecoin issuer Paxos. While Coinbase confirmed it is evaluating the possibility of acquiring such a license, most of the companies mentioned did not respond to inquiries. This added fuel to speculation, although Disparte’s statement aims to set the record straight regarding Circle’s position.
The speculation around Circle’s banking ambitions is not entirely new. Back in April 2022, Circle CEO Jeremy Allaire told Bloomberg that the firm was in discussions with regulators regarding a potential bank charter. This earlier comment had contributed to ongoing assumptions about the company’s future regulatory direction. However, no further updates have been officially provided since then, and Circle has not responded to additional media requests at the time of publication.
Separately, Paxos was reported to have received preliminary, conditional approval for a U.S. federal bank charter from the Office of the Comptroller of the Currency (OCC) in 2021. This further highlights the broader trend of digital asset firms exploring ways to integrate with the traditional banking system under evolving regulations.
Stablecoin Regulation at a Crossroads
This development coincides with major legislative efforts to overhaul stablecoin regulation in the United States. Earlier this month, the House Financial Services Committee advanced a stablecoin framework supported by Republican lawmakers. The proposed legislation, known as the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, seeks to establish stringent federal oversight for the industry.
Meanwhile, a competing proposal—the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act—is also progressing through Congress. Introduced prior to the STABLE Act, the GENIUS Act passed the Senate Banking Committee in mid-March and offers a more flexible approach. It allows for regulatory oversight at both the state and federal levels, reflecting a more decentralized approach to managing stablecoin issuers.
As the U.S. stablecoin landscape continues to develop, companies like Circle are preparing to navigate this complex and shifting regulatory environment. While Circle currently rejects the idea of becoming a federally chartered bank, its strategy remains aligned with regulatory compliance and market stability.
