And the collapse of crypto-friendly institutions like silvergate bank and signature bank, many traditional banks . Pulled back from serving crypto clients.If successful, a company like circle could hold customer deposits, . Custody reserves for stablecoins, and make loans or offer other banking services, all under the . Supervision of bank regulators.There’s a growing sentiment among policymakers on both sides of the aisle . That if stablecoins are to be a part of the financial system, they need a .
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Legal foundation similar to banks or money market funds. By obtaining bank charters or trust . Licenses now, crypto companies could get ahead chile phone number data of impending regulations and shape them.Chartered institutions also . Have certain advantages. They can potentially get direct access to federal reserve payment systems, hold . Customer dollar balances in central bank accounts, and operate across all states without needing a . Patchwork of state licenses.For a stablecoin issuer like circle or paxos, being a nationally regulated .
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Bank could bolster trust among large institutions and users — essentially saying, “we meet the . Same standards as the bank where you hold your corporate treasury or your personal savings.”it’s . Worth noting that not all these firms are pursuing the same type of charter. Circle . And bitgo are reportedly aiming for full-service national bank charters. Others have considered national trust . Bank charters or even industrial loan company ilc charters.
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If these charters are approved, regulators will . Subject the provider can also diagnose your the firms to bank-like scrutiny. This is a double-edged sword. On one hand, it . Mean greater oversight and accountability good for customers and the system’s integrity, but on the . Other hand, it means these companies must mature their risk management, compliance operations and capital . Requirements.As crypto firms become regulated banks or trust companies, partnering with them becomes less of . A reputational or regulatory risk for businesses.
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A fortune company might have been hesitant to . Hold stablecoins or use a crypto service provider when the sector was seen as the . Wild west. But if that provider is now a supervised bank entity subject to audits, . Capital requirements and phone number taiwan oversight by federal regulators, it changes the equation.Ultimately, the takeaway for business . Leaders is to stay informed and be prepared.For all pymnts digital transformation and bb coverage, .