Circle announced that it has started the paperwork to become approved as a federally chartered digital currency bank. This news comes after seeking a merger with Concord Acquisition Corp on Aug 09. According to the official blog, the USDC stable coin issuer has its eyes set on a full-reserve national commercial bank. It will ensure compliance with regulations of the Federal Reserve, U.S. Treasury, Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC).
These actions are likely to benefit USDC by increasing the number of digital dollars in circulation. This will improve their penetration into the new digital economy. Additionally, it’ll turn them into a necessary component of the new financial system. Circle’s USDC has grown tremendously lately and currently has a market cap of $28.7 billion.
Circle has filed a Registration Statement with the SEC already – the Form S-4 from the Securities Act of 1933. This submission is mandatory to the Securities and Exchange Commission (SEC) before any mergers, acquisitions, and exchange offers. This will bide well for the USDC future and its credibility/trust value in the crypto ecosystem.
About Circle USDC Stable Coin
Circle USD Coin or USDC is a stablecoin that is pegged to the U.S. dollar on a 1:1 base. Every piece of this cryptocurrency in distribution backs a $1 bill, in a blend of cash and short-term U.S. Treasury bonds. The Centre consortium states that USDC is distributed by supervised economic institutions.
You might also like
More from Blockchain Companies
Top 3 Reasons why the current Crypto Crash is a GOOD THING!
Is there any benefit to this crashing crypto market? Why is the crypto crash a good thing? Here are our …
How to EARN BIG with NFTs in 2022: Simple Guide
Even in a bear market, NFTs offer a good opportunity to make profits. But how can I invest in NFTs …
Crypto Market UP and Those Coins Gained the MOST!
Crypto market up! Which crypto performed the best during the market rally? Here are our top 3 from the past …