Circle executive denies claims of seeking US banking license
Circle's chief strategy officer, Dante Disparte, denied reports of the company seeking a US federal bank charter or an insured depository institution. Circle aims to comply with future US regulatory requirements for payment stablecoins, which may involve registering for a federal or state trust charter or a nonbank license. Disparte called for timely regulatory clarity for stablecoins. Recent reports suggested that Circle and other firms, including Coinbase and Paxos, were considering bank charters. Coinbase confirmed its interest in such a license. Circle previously expressed interest in a bank charter in April 2022. The US is evolving its stablecoin regulations, with the House Financial Services Committee passing the STABLE Act and the GENIUS Act, which propose different regulatory frameworks for stablecoins.
