Yigit Taha OZTURK 
Top crypto firms Circle and BitGo are reportedly preparing to apply for bank charters in the United States, with Coinbase and Paxos also considering similar moves. According to The Wall Street Journal, this shift comes as the U.S. government reshapes the legal landscape surrounding stablecoins.
Securing a bank charter would enable these companies to legally offer deposit and loan services, aligning them with traditional financial institutions. With increasing scrutiny from regulators, especially in the stablecoin space, obtaining such licenses is seen as a crucial step toward long-term regulatory compliance.
STABLE and GENIUS Acts Reshape the Legal Framework
Two new U.S. legislative proposals — the STABLE Act and the GENIUS Act — aim to define how stablecoins are issued and regulated. While STABLE calls for strict federal oversight, GENIUS proposes a more flexible model that includes both state and federal governance.
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These bills would formally classify stablecoin issuers as financial institutions under the Bank Secrecy Act, requiring compliance with AML standards, sanctions checks, and reserve requirements.
A Bank Charter Comes with Opportunity and Risk
A bank charter offers crypto companies a pathway to legitimacy and growth, but also demands strict regulatory compliance. The case of Anchorage Digital, which obtained a federal charter but now faces investigation and high compliance costs, serves as a cautionary tale.
Even so, Federal Reserve Chair Jerome Powell recently acknowledged the importance of creating a legal framework for stablecoins, citing the growing relevance of digital assets in the broader financial ecosystem.
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