Circle applies for a US banking license to manage USDC reserves

According to Reuters, stablecoin issuer Circle has applied for a US National Bank license, which will allow it to serve as a custodian of USDC reserves and hold cryptocurrency assets for institutional clients. However, the license does not allow Circle to accept cash deposits or issue loans like traditional banks. The Circle program will name the entity regulated by the Office of the Superintendent of the Currency (OCC) as First National Digital Currency Bank, N.A Analysts believe that Circle's USDC may become the largest regulated stablecoin under the GENIUS Act, giving it a "regulatory advantage". At present, the market value of USDC has reached 61.5 billion US dollars.