Crypto Giants Aim for Traditional Banking: Seeking Licenses to Offer Deposit and Loan Services

Major cryptocurrency companies are taking a significant step toward integrating with traditional banking systems by applying for licenses that would allow them to offer deposit accounts, loans, and even potentially issue stablecoins under the supervision of a bank. This comes amidst the US Congress’s active work on regulations for stablecoins. Circle, BitGo, Coinbase, and Paxos are among the companies seeking these licenses, indicating a move beyond their primary digital operations.