Circle, the issuer behind the USDC Stablecoin, has firmly refused rumors, which suggests that it is planning to apply for an American banking permit.
The Chief Strategy Officer of the company, Dante Disparte, clarified on social media that Circle has no plans to become a bank or another type of insured deposit scheme.
Disparte emphasized that the company is aimed at tuning on future regulations on payment stable coins. He added that Circle is willing to register under a state or federal trust charter or operate via a non-bank license if necessary.
Disparte’s statement directly involves the circulation of reports that suggest that Circle and other large crypto companies such as Coinbase are preparing for applying for bank permits because of the favorable regulatory environment under President Donald Trump.
The speculations are not surprising, given that there has been a noticeable shift in how American supervisors approach the crypto industry.
For context, the Federal Reserve recently rolled back earlier guidelines that limited the ability of traditional banks to communicate with digital assets, including dollar-based tokens.
The reversal is seen by many as a green light for a wider adoption of crypto. Jason Karsh, a manager in blocks, welcomed the change and called it a meaningful step to make Crypto a practical part of daily finances.
Stablecoin legislation
Disparte suggested that the company focuses on helping the American congress to adopt the Stablecoin legislation to support innovation and at the same time protect the protection of consumers.
Disparte said:
“At the congress we urge two -part payment legislation, now to defend American innovation, stability and consumer safety.”
These comments come when the American congress debates about two important accounts to shape the future of Stablecoin Regulation in the country.
The first bill is the Stablecoin transparency and the accountability for a Better Ledger Economy (Stable) ACT, and it recently deleted the Huis Financial Services Committee. The second, the accompanying and establishment of national innovation for the US Stablecoins (Genius) ACT is also progressing by the legislative pipeline.
The accounts propose new standards for liquidity, reserves and compliance with anti-money laundering rules. The laws hope that the legislation will help maintain the global influence of the US dollar by building trust around the US-established Stablecoin emission.
