Circle Internet Group has just applied for a national banking license, according to a report published by Reuters on Monday.
This move represents a further integration of the stablecoin issuer into traditional finance, just weeks after its successful IPO.
If approved by the Office of the Comptroller of the Currency (OCC), Circle could act as a custodian for its own reserves and manage crypto assets for institutional clients, although it would not be allowed to accept cash deposits or grant loans like traditional banks.
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The proposed entity, First National Digital Currency Bank, N.A., would operate under the supervision of the OCC.
Circle had previously dismissed speculation about the possibility of obtaining a trust or industrial bank license.