Circle wins final regulatory approval to establish US trust bank, shares rise
Circle wins final regulatory approval to establish US trust bank, shares rise.
The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
July 10 (Reuters) - Circle said on Friday it has received a final regulatory approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank, sending the stablecoin giant's shares surging 10% in premarket trading.
• The charter allows Circle to act as custodian for its own reserves and hold crypto assets on behalf of institutional clients.
• "OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system," Circle CEO Jeremy Allaire said in a statement.
• Circle said the approval places its trust bank under direct federal oversight by the OCC, the primary regulator for lenders and national trust banks.
• As regulatory hurdles eased, digital asset firms have expanded into traditional finance, pursuing banking licenses, custody businesses and payment services over the past year.
• Circle issues USDC, a dollar-pegged stablecoin. Stablecoins are cryptocurrencies designed to maintain a fixed value, usually through a 1:1 peg to the U.S. dollar, and are widely used to transfer funds between crypto tokens.
• USDC has a market value of about $73.2 billion, according to CoinGecko.
• Circle shares have fallen 20.5% so far this year, through last close, giving it a market capitalization of about $15.7 billion, according to LSEG data.
(Reporting by Manya Saini in Bengaluru; Editing by Shilpi Majumdar)
Sinergia Empresarial continuará el seguimiento de esta información sobre circle wins final regulatory approval to establish US trust bank, shares rise y ampliará la cobertura conforme se confirmen nuevos elementos relevantes para el ecosistema empresarial.
