Large banks such as Deutsche Bank and Standard Chartered are considering new steps to expand their cryptocurrency operations in the United States, according to sources cited by the Wall Street Journal.
This development comes as U.S. crypto regulations are being softened, making it an opportune time for banks to reassess their stance. After the collapse of FTX and crypto-friendly banks like Silvergate and Signature Bank, many institutions pulled back from the sector. However, with President Donald Trump designating crypto as a "national priority" and pushing for its integration, banks are rethinking their strategies.
Additionally, prominent crypto companies like Circle, BitGo, and Coinbase are preparing to apply for banking licenses. These licenses would allow crypto firms to offer services such as deposit-taking and lending, similar to traditional banks. BitGo, which will provide custodial services for the USD1 stablecoin project launched by Trump-backed World Liberty Financial, is reportedly close to submitting its application. Meanwhile, financial giants such as Bank of America and U.S. Bancorp have also outlined their plans for stablecoins, signaling a shift towards greater engagement in the crypto space.
