Major cryptocurrency firms, including Circle and BitGo, are exploring applications for bank charters or licenses in light of evolving US stablecoin regulations. Notable companies such as Coinbase and Paxos are also interested, signaling a shift as the US restructures its stablecoin regulatory framework. The US Office of the Comptroller of the Currency previously allowed Paxos to seek a bank charter. US Federal Reserve Chair Jerome Powell acknowledged the growing appeal of digital assets, especially following significant market failures. Meanwhile, legislative efforts like the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act and the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act are advancing through Congress. The STABLE Act proposes strict federal oversight and limits on collateralized stablecoin issuance, while the GENIUS Act aims to support US-based issuers with guidelines for stablecoin operations. Obtaining a bank charter would enable crypto firms to operate like traditional banks, but will also subject them to stringent regulations and reporting requirements. Despite regulatory challenges, many firms are actively seeking ways to grow within the framework while aligning with compliance demands.

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