Crypto firms Circle and BitGo plan to apply for U.S. banking licenses, according to a report by The Wall Street Journal published on April 21

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Circle, a major stablecoin issuer behind USD Coin (USDC), is seeking a banking charter, according to the Wall Street Journal, to comply with proposed US legislation requiring stablecoin providers to hold federal or state licenses

BitGo and Circle are exploring formal banking licenses as a strategic response to evolving legislation, the Wall Street Journal report suggests, and to position themselves for broader institutional acceptance

Circle and BitGo plan to apply for US bank charters reported by WSJ