Circle Takes Next Step Toward Traditional Banking with US License Bid

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Circle Internet Group has filed for a national banking license, per Reuters.

The application follows the company’s wildly successful IPO earlier this month, underscoring its ambitions to expand beyond stablecoin issuance.

An OCC-approved license would let Circle self-custody reserves and handle institutional crypto holdings—but unlike full-service banks, it wouldn’t engage in deposit-taking or lending. The planned entity, First National Digital Currency Bank, N.A., would operate under federal banking regulations.

While Circle has long explored banking options, it previously denied seeking alternative charters. The move comes as regulators scrutinize crypto-fiat intersections more closely.

Circle’s June 5 IPO was a standout, with shares skyrocketing 167% on day one after pricing above expectations at $31 amid heavy demand.