Circle Applies for US Banking License

Fresh off a red-hot IPO, Circle Internet Group is making waves again—this time by applying for a US national banking license.

Reuters reports the move could let the crypto heavyweight self-custody reserves and manage institutional assets, though it wouldn’t function as a full-fledged bank.

Dubbed First National Digital Currency Bank, N.A., the OCC-regulated entity would mark Circle’s deepest foray yet into traditional finance. The company had earlier shut down rumors of alternative charters, making this application a clear strategic priority.

Investors are clearly bullish: Circle’s June 5 IPO was oversubscribed 25x, priced above range, and saw shares nearly triple on day one. Now, a banking license could further cement its role in crypto’s evolving landscape.