Circle, fresh from its $18 billion IPO, has applied with the Office of the Comptroller of the Currency (OCC) for a national trust bank charter. Ripple has also announced its intention to apply for a similar banking license. Fidelity’s digital assets business is among others seeking approval. The sudden rush follows stablecoin legislation moving closer to President Trump’s desk, which would require large issuers like Circle and Ripple to obtain an OCC charter to operate compliant dollar-backed stablecoins. A national charter could also help digital asset firms expand into new services such as custody, tokenized assets, and payment infrastructures.
Source: https://www.axios.com/2025/07/03/bank-charters-circle-stablecoins-crypto