Major cryptocurrency companies, including Circle, Coinbase, BitGo, and Paxos, are moving forward with applications for banking licenses in the United States. This decision comes as a response to the government’s increasingly positive attitude towards cryptocurrencies.

According to a report by The Wall Street Journal published on April 21, 2025, these companies aim to leverage the favourable regulatory climate.

JUST IN: #BITCOIN AND CRYPTO GIANTS COINBASE, CIRCLE, BITGO, AND PAXOS ARE ALL APPLYING FOR US BANKING LICENSES
THIS IS NOT PRICED IN 🚀 pic.twitter.com/CiZdHNmZOc
— The Bitcoin Historian (@pete_rizzo_) April 21, 2025

The organizations are interested in various banking licenses tailored to their business needs. Some are after national trust or industrial bank charters, which would let them offer services akin to those provided by traditional banks. Others are seeking more specialized licenses for stablecoin issuance and custody solutions.

“This represents a natural evolution for the crypto industry,” noted cryptocurrency analyst Sarah Johnson. “As these platforms mature and aim to cater to a wider range of clients, banking licenses offer the necessary regulatory framework and customer protections for larger-scale operations within the current financial ecosystem.”

Looking ahead, both Sygnum Bank’s CEO and Ripple’s President predicted the trend of cryptocurrency firms pursuing banking licenses would increase. They also forewarned that U.S. banks are likely to begin competing in the crypto services market extensively.

Key Insights

• The pursuit of banking licenses by leading crypto firms could help bridge the gap between digital assets and traditional finance.
• Cryptocurrency analyst Sarah Johnson views this as a natural progression for the industry.

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