Circle has applied for a national banking license in the US, reports Reuters. This step will allow the company to hold USDC reserves in its own accounts and provide custodial services for institutional clients.
The new structure called First National Digital Currency Bank, N.A. will not be able to accept deposits or issue loans like a traditional bank.
Earlier in June, Circle successfully conducted an IPO, with shares rising by 167% on the first day. Analysts at Bernstein believe that if the GENIUS bill is passed, USDC could become the largest regulated stablecoin in the US.
