26-4-2025 – Circle, the entity behind the prominent USDC stablecoin, has categorically ruled out any intention to seek a banking licence in the United States.
Dante Disparte, the company’s Chief Strategy Officer, took to social media to set the record straight, asserting that Circle has no ambition to transform into a bank or any form of insured depository institution.
Instead, the firm’s sights are set on navigating the evolving landscape of payment stablecoin regulations, with a readiness to adapt through state or federal trust charters, or even a non-bank licence, should the need arise.
This unequivocal statement from Disparte directly challenges reports that had suggested Circle, alongside other cryptocurrency giants like Coinbase, was poised to pursue banking licences, buoyed by a seemingly more accommodating regulatory climate under President Donald Trump.
Such speculation is not without foundation, given the perceptible thaw in the stance of US regulators towards the cryptocurrency sector. Notably, the Federal Reserve recently rescinded earlier guidance that had constrained traditional banks’ engagement with digital assets, including dollar-pegged tokens. This policy shift has been hailed by industry figures, such as Jason Karsh of Blocks, as a pivotal move towards embedding cryptocurrencies within the fabric of routine financial transactions.
Amid these developments, Disparte has urged the US Congress to prioritise bipartisan legislation on stablecoins, advocating for a framework that fosters innovation while safeguarding consumers. “We call on Congress to enact legislation that advances American ingenuity, ensures stability, and prioritises consumer protection,” he declared. His remarks align with ongoing legislative efforts, as two significant bills—the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act and the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act—make their way through the congressional process.
The STABLE Act has already secured approval from the House Financial Services Committee, while the GENIUS Act continues to gain traction.
These proposed laws aim to establish robust standards for liquidity, reserve management, and compliance with anti-money laundering protocols.
By fostering confidence in US-based stablecoin issuers, lawmakers hope to reinforce the global pre-eminence of the US dollar in an increasingly digital financial ecosystem. For Circle, the focus remains firmly on shaping a regulatory environment that supports the transformative potential of stablecoins, rather than pursuing the path of traditional banking.
