A politically connected crypto initiative in the U.S. has applied for a federal banking license to gain national bank status and directly issue its dollar-pegged stablecoin.
The crypto venture announced plans to establish a stablecoin-focused bank in the United States. According to the statement, an application has been submitted to the country’s banking regulator for a national bank charter under a newly formed entity.
If approved, the structure aims to manage issuance, custody, and conversion of its dollar-backed stablecoin under one roof. Users would be able to mint and redeem the stablecoin directly, while conversion services between different stablecoins would also be offered.
The company emphasizes its focus on institutional clients, including trading platforms, market makers, and investment firms. It claims the stablecoin has already found use in cross-border payments and treasury operations. Following recent legislation that brought stablecoins into a clearer legal framework in the U.S., this banking license move is seen as a potentially transformative step for the domestic stablecoin market.
