Coinbase Global (COIN), Circle, BitGo, and Paxos are planning to apply for bank charters or licenses, the Wall Street Journal reported Monday, citing sources with knowledge of the matter.
The companies aim to enter traditional banking by obtaining permissions to accept deposits, issue loans, or launch stablecoins, the media outlet reported.
The Trump administration supports integrating crypto into mainstream finance, while the Congress is considering new laws to regulate stablecoins, according to the WSJ.
Currently, Anchorage Digital is the only crypto firm holding a federal banking charter, and it spent millions complying with federal rules, according to WSJ.
Separately, international banks like Deutsche Bank (DB) and Standard Chartered are reportedly considering expanding their crypto operations in the US.
Paxos declined to comment to MT Newswires, while Circle, Coinbase, BitGo, World Liberty Financial, Deutsche Bank and Standard Chartered did not immediately respond.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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