For a while, the cryptos wanted to chees on the banks. Today, they want to look like them. According to several sources close to the file interviewed by the Wall Street JournalCircle (publisher of the USD Coin), Coinbase (the largest US exchange platform) and Bitgo (specialist in crypto-active custody) plan to request a banking license or an equivalent status. Paxos would also be in the starting blocks.
Crypto and Finance Tradi: New best friends?
The idea? No longer depend on conventional banks and directly offer services such as deposits or loans. Some even target statutes cut for them, such as the charter of “industrial banking” or “trust bank”. And it is far from trivial: a banking license is easier access to the financial system … but also more strict rules.
A crypto actor has already taken the plunge: digital anchorage, who won a federal banking charter in 2021. Assessment? “” It’s not easy », Recognizes his boss Nathan McCauley. The company had to invest tens of millions to stand up to standards, and it nevertheless took a warning in 2022 for flaws on the anti-whiteness control. Welcome to real banking life!
This crypto-banking turn does not come out of nowhere. With Donald Trump back in the White House, the administration clearly pushes for a stronger integration of cryptos into the financial system. And this political support already has effects: the binding rules implemented after the FTX affair have been reduced, and two texts on the stablecoins are being examined at the congress.
Stablecoin is the big issue of the moment. These digital tokens indexed to the dollar often serve as a gateway to more volatile cryptos. If they are well supervised, they could become general public payment tools. This is what Trump seems to want, to the point of supporting a family stablecoin, the “USD1”, launched by World Liberty Financial. This token would be guaranteed by Bitgo, who is also preparing to become a real bank.
But everyone does not jump for joy. Some banking leaders, such as Chris Gorman (Keycorp), are worried: the traceability of the funds remains unclear, the risks of very real laundering, and the rules not always clear. “” We look at that from afar, but for the moment, it’s hard to follow He says.
For their part, other banks are trying not to miss the mark. Bank of America is considering its own stablecoin if the law allows. Us Bancorp relaunches a crypto service with Nydig. And even European heavy goods vehicles like Deutsche Bank or Standard Charterd monitor the American market closely.
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