🇺🇸 Big: American regulators grant Ripple, Circle, and other crypto companies preliminary approval to launch national trust banks!
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📢 Historic achievement:
– The Office of the Comptroller of the Currency (OCC) has given a preliminary conditional approval to Ripple, Circle, Paxos, and BitGo to establish national federal trust banks
– Allows them to manage reserves of stablecoins (like USDC and RLUSD) under full federal oversight, with high compliance for transparency and security
– Follows the GENIUS Act, expanding services across states without multiple local licenses
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💡 Analysis:
– Turns stablecoins from "grey" products into fully regulated financial instruments, similar to traditional banks
– Reduces risks like the collapse of FTX, and boosts institutional confidence in USDC, USDT, and RLUSD
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⚡ Why does it matter to you?
– Accelerates widespread adoption of stablecoins in payments and DeFi, making them safer and more prevalent
– A giant step towards integrating crypto into the American banking system, could propel XRP and USDC to new heights
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❓Do you think these trust banks will make stablecoins the actual "digital dollar"?
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