According to the Wall Street Journal, a number of major crypto companies, including Circle and BitGo, plan to apply for bank licenses in the U.S. This became known on April 21, 2025. In addition to Circle, the issuer of the USDC stablecoin, and the custodial service BitGo, the list also includes Coinbase, Paxos, and other firms. This move is aimed at strengthening ties with the traditional banking system following events such as the collapse of FTX and the closure of banks Silvergate and Signature.
Obtaining licenses will allow crypto companies to operate in a more regulated environment, increase investor confidence, and simplify access to financial services. For example, Circle will be able to enhance the infrastructure for USDC, while BitGo, which also plans an IPO in the second half of 2025, will strengthen its market position. Analysts note that this is part of a global trend: companies are striving to meet the requirements of regulators, such as MiCA in the EU, and compete with traditional finance.
However, skeptics point to the challenges of integrating with the banking system and potential risks for users. Nevertheless, the interest in licenses reflects the desire of the crypto industry to become part of the mainstream.
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