Circle Executive Denies Claims of Seeking US Banking License

An executive at Circle, the issuer of the USDC stablecoin, has denied recent reports suggesting the firm is pursuing a US federal bank charter.

In a post published on X (formerly Twitter) on April 25, Circle’s Chief Strategy Officer and Head of Global Policy, Dante Disparte, stated that the company has no plans to acquire a bank charter or become an insured depository institution.

Instead, Disparte emphasized that Circle aims to align with upcoming regulatory requirements for payment stablecoins, which might include applying for state or federal trust charters or other nonbank financial licenses. He also called on US lawmakers to bring about regulatory clarity for stablecoins swiftly.

Circle Responds to Industry Speculation

The statement came in response to reports that several major crypto firms—including Circle, BitGo, Coinbase, and Paxos—are considering applying for bank charters or similar licenses in the US. While most companies declined to comment, Coinbase did confirm that it is exploring a banking license.

Though Circle denied current interest, the rumor wasn't entirely unfounded. Back in April 2022, CEO Jeremy Allaire said in an interview with Bloomberg that Circle was engaged in discussions with regulators in pursuit of a bank charter, “hopefully shortly.”

As of now, Circle has not responded to further media inquiries for an updated position.

Stablecoin Regulation in the US is Evolving

This latest development comes amid growing momentum in US stablecoin regulatory efforts. The House Financial Services Committee recently passed a Republican-supported stablecoin framework bill, named the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act.

Additionally, another bill—the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act—is progressing through the legislative process, having passed the Senate Banking Committee in March 2025.

While the STABLE Act promotes stricter federal oversight, the GENIUS Act proposes a more flexible model, balancing both state and federal regulatory frameworks.

The Bigger Picture for Circle and Stablecoins

Circle's official stance reflects the firm’s strategic pivot toward regulatory compliance without becoming a traditional bank. With stablecoin usage expanding and legislative clarity approaching, Circle and its peers are navigating a changing regulatory landscape where trust charters and licensing alternatives may soon become necessary to operate within the US.

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