Circle: Files to become a bank
- Circle is a global financial technology firm that enables businesses of all sizes to harness the power of stablecoins
- Filed with the Securities and Exchange Commission to become a US federally-chartered national commercial bank
- The move would become a full-reserve bank, operating under the supervision and risk management requirements
- Launched in 2013 as a peer to peer payment network and has subsequently gone on to launch a crypto exchange
- However, most of its focus is now on its USD Coin, which launched in 2018 as a way to convent US dollars into blockchain tokens and digital currency
- The stablecoin has become the world’s fastest-growing dollar digital currency, now standing at $27.5 billion in circulation
