Several major cryptocurrency firms, including stablecoin issuer Circle and crypto custodian BitGo, have considered applying for banking licences.

 

Other firms in discussions about pursuing banking charters include the US-based crypto exchange Coinbase and stablecoin issuer Paxos. These moves come at a time when the US is working to reshape its approach to stablecoin regulation.

According to a report from the Wall Street Journal, these firms are exploring the possibility of securing banking licences, which would allow them to operate more similarly to traditional banks. Obtaining a bank charter could enable crypto firms to offer services such as taking deposits and providing loans. The regulatory benefits include greater…