Circle, BitGo plan to apply for banking licenses in U.S.: WSJ

Crypto companies such as USDC stablecoin issuer Circle and crypto custodian BitGo are preparing to apply for banking licenses in the U.S. to strengthen their links to traditional financial institutions, The Wall Street Journal (WSJ) reported, citing sources familiar with the matter. These crypto firms seek to secure full or relatively narrow banking licenses in the U.S., thus enabling them to operate like traditional lenders and offer services such as deposits and loans. Cryptocurrency exchanges, including Coinbase and Paxos, are also reportedly considering similar U.S. license applications.