Latest news with #NYDFSBitLicense
Business Wire
4 days ago
- Business
- Business Wire
Circle Applies for National Trust Charter
NEW YORK--(BUSINESS WIRE)--Circle Internet Group, Inc. (NYSE: CRCL), a global financial technology company and stablecoin market leader, has formally submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank, First National Digital Currency Bank, N.A. If approved, First National Digital Currency Bank, N.A. would be authorized to operate as a federally regulated trust institution, subject to OCC oversight, and would oversee the management of the USDC Reserve on behalf of Circle's U.S. issuer. An approval would also further strengthen the infrastructure that supports the issuance and circulation of USDC – the world's largest regulated payment stablecoin – and would offer digital asset custody services to institutional customers. A federally regulated trust charter would also help Circle meet expected requirements under the proposed GENIUS Act legislation, which would represent a meaningful step forward in integrating digital assets into the broader U.S. financial system. 'Establishing a national digital currency trust bank of this kind marks a significant milestone in our goal to build an internet financial system that is transparent, efficient and accessible,' said Circle Co-Founder, Chairman and CEO Jeremy Allaire. 'By applying for a national trust charter, Circle is taking proactive steps to further strengthen our USDC infrastructure. Further, we will align with emerging U.S. regulation for the issuance and operation of dollar-denominated payment stablecoins, which we believe can enhance the reach and resilience of the U.S. dollar, and support the development of crucial, market neutral infrastructure for the world's leading institutions to build on.' Circle's OCC application builds on the company's global track record of being first to seek key licenses and authorizations in multiple jurisdictions. In 2015, the company secured the very first NYDFS BitLicense and remains committed to working with NYDFS, the leading digital asset regulator in the U.S. In 2024, Circle became the first global stablecoin issuer to comply with the European Union's landmark Markets in Crypto-Assets (MiCA) regulatory framework. Most recently, in April of 2025, Circle received in-principle approval from the Financial Services Regulatory Authority of the Abu Dhabi Global Market to operate as a money services provider. About Circle Internet Group, Inc. Circle (NYSE: CRCL) is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is building the world's largest, most-widely used, stablecoin network, and issues, through its regulated affiliates, USDC and EURC stablecoins. Circle provides a comprehensive suite of financial and technology services that empower enterprises and developers to integrate stablecoins and blockchains into their products, services and business operations. Visit for more information.
Yahoo
29-05-2025
- Business
- Yahoo
First major city to potentially launch shocking new financial instrument
New York City could become the first U.S. city to introduce Bitcoin-backed bonds — or 'BitBonds' — if Mayor Eric Adams gets his way. 'It is time for the first time in the history of this city to have a financial instrument that is made for those who are holders of Bitcoin,' Adams said during his speech at the Bitcoin 2025 conference in Las Vegas on Wednesday. 'We need to have a BitBond, and I am going to push and fight to get a BitBond in New York so you can do those same bond investments in New York City,' he added. The mayor's remarks follow growing momentum behind the BitBond concept, first outlined by the Bitcoin Policy Institute (BPI) earlier this year. BPI envisions the product as a hybrid: a fixed-income instrument that also gives investors upside from Bitcoin's appreciation. In theory, BitBonds would offer investors a small yield from interest payments and additional gains if Bitcoin's price rises. BPI said such a product could help implement a strategic Bitcoin reserve while easing the long-term burden of U.S. debt repayments. Adams' comments come weeks after former U.S. President Donald Trump signed an executive order establishing a U.S. Strategic Bitcoin Reserve and directed officials to find 'budget-neutral' ways to acquire more BTC without selling the roughly 200,000 coins the government already holds. On the regulatory front, Adams also took aim at the state's crypto licensing framework. 'Let's get rid of the Bitcoin license and allow us to have the free flow of Bitcoin in our city,' he said, referencing the NYDFS BitLicense program, which has long been criticized for its strict requirements. Adams has consistently championed crypto adoption in New York, including pledging to take his first three paychecks in Bitcoin and hosting the city's first-ever 'crypto summit' earlier this month. Bitcoin (BTC) is currently trading at $107,326, up 1.4% in the past 24 hours. The 24-hour price range is $107,107 to $109,127. As per Kraken's price feeds, BTC is up 57.1% over the past year. First major city to potentially launch shocking new financial instrument first appeared on TheStreet on May 28, 2025
