Stablecoin issuer Circle has applied to establish a national trust bank in the U.S.

Stablecoin issuer Circle has applied to establish a national trust bank in the U.S., marking a major step following its blockbuster IPO that valued the company at nearly $18bn earlier this month.

If approved, Circle would become the second crypto firm to receive a federal charter—after Anchorage Digital Bank—enabling it to act as a custodian for its own reserves and hold crypto assets on behalf of institutional clients. Unlike traditional banks, the charter would not permit Circle to accept cash deposits or issue loans.