CIRCLE, THE COMPANY BEHIND USDC, WILL LAUNCH ITS OWN CRYPTO BANK

Get ready for big news in the crypto world! Circle, the company that issues the well-known stablecoin USDC, is taking a huge step by applying for a banking license to launch its own cryptocurrency bank in the United States. The proposed name is "First National Digital Currency Bank," and with this move, they aim to strengthen the infrastructure of USDC and offer digital asset custody services to institutions.

If approved, Circle will be able to hold its own USDC reserves, which are currently managed by BlackRock and BNY Mellon (although they will continue to keep a portion in large traditional banks). Unlike regular banks, this new bank will not accept cash deposits or issue loans. This initiative from Circle comes right after they successfully went public and at a key moment, as the U.S. Congress is working on federal regulation for stablecoins, requiring that they be backed by liquid assets and report their reserves monthly. To me, this bank is a clear attempt to integrate Web3 technology into the current financial system. We'll see how it goes!

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