Circle CSO "No Plans to Convert to a Bank...Stablecoin Bill Should Pass Quickly"

Circle has stated that it has no plans to convert into a bank or any other insured depository institution. On the 23rd (local time), some foreign media reported that 15 virtual asset (cryptocurrency) and fintech companies, including Circle, had applied for a banking license with the U.S. Office of the Comptroller of the Currency (OCC).

Dante Disparte, Circle's Chief Strategy Officer (CSO), said on the 25th (local time) via his X, "Circle has no intention of converting into a bank or any other form of insured depository institution."

However, he stated, "If a regulatory framework for payment stablecoins is established in the U.S. in the future, we plan to prepare for a federal or state trust charter or non-bank license registration accordingly."

He added, "To support U.S. innovation, financial stability, and consumer protection, both parties should pass the stablecoin payment bill quickly in a bipartisan manner."