Stripe stablecoin unit Bridge applies for national bank trust charter, co-founder Zach Abrams says
Quick Take Bridge is applying for a national bank trust charter through the U.S. Office of the Comptroller of the Currency. If approved, Bridge would be able to provide regulated stablecoin issuance, management, and custody services.
Bridge, the stablecoin infrastructure company acquired by fintech giant Stripe, is applying for a national bank trust charter through the U.S. Office of the Comptroller of the Currency, one of the major federal banking regulators.
If approved, Bridge would be able to operate under a unified federal framework consistent with the GENIUS Act, the stablecoin legislation signed into law this summer, co-founder Zach Abrams said on Wednesday.
In particular, Bridge would be able to provide regulated stablecoin issuance, management, and custody services.
"We’ve long believed stablecoins will be a core, regulated financial building block. This regulatory infrastructure will enable us to tokenize trillions of dollars and make this future possible," Abrams wrote on X. Stripe first signaled it would apply for OCC oversight two weeks ago.
Bridge is joining stablecoin issuers like Circle (ticker CRCL), Paxos, and Ripple in seeking federal oversight. Anchorage Digital is currently the only crypto-native firm with a federal banking charter since receiving OCC approval in 2021.
Stripe has moved quickly to develop its stablecoin unit, including by incorporating stablecoins into its core business, since its blockbuster $1.1 billion acquisition of Bridge last year.
For instance, in June, Stripe partnered with Coinbase and Shopify to make it easier for merchants to accept payments made in Circle's USDC stablecoin. Months later, the company unveiled its Open Issuance platform to assist companies in launching bespoke stablecoins using Bridge's infrastructure, while a planned Layer 1 blockchain, Tempo , will be optimized for payments.
Moreover, Bloomberg reported on Tuesday that Stripe is rolling out "subscription" payments using stablecoins.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Japan Creates Equal Opportunities in Crypto with Regulations Similar to Stock Market Rules
- Japan's FSA plans to ban crypto insider trading by extending stock-style regulations under the Financial Instruments and Exchange Act (FIEA), closing a regulatory gap for digital assets. - The reforms, targeting unfair practices like pre-listing trades or exploiting undisclosed flaws, face challenges due to decentralized crypto ecosystems lacking clear "insiders." - With 7.88 million crypto users in Japan, the move aims to attract institutional investors while balancing innovation and investor protection
Chari's groundbreaking license revolutionizes retail financial services in Morocco
- Moroccan fintech Chari secures $12M Series A, largest in the country, led by SPE Capital and Orange Ventures. - Becomes first VC-backed firm to obtain Bank Al-Maghrib license, enabling financial services for small merchants. - Expands into Francophone Africa with a 'merchant super app' and BaaS platform to digitize retail and drive financial inclusion. - Backed by Y Combinator and Orange Ventures, Chari aims to formalize retail operations and boost merchant liquidity.
BNB News Today: BNB’s $1,100 Level Faces Test—Will It Spark a 30% Decline or a Strong Recovery?
- Binance Coin (BNB) faces a potential 30% drop as technical analysts identify a "double top" pattern near $1,350–$1,375 resistance. - A $21.75B outflow from Binance and a $20B liquidation event on October 10 highlight growing risks to market confidence. - While BNB remains above key support levels ($1,155/EMA20, $1,042/EMA50), bearish indicators like negative funding rates (-0.015%) signal ongoing pressure. - Binance's $283M compensation pledge and the "L1 wealth effect" cycle could drive rebounds, but su
Cardano News Update: Cardano (ADA) Poised for Potential Doubling Amid Rising Institutional Interest
- Cardano (ADA) near $0.82 shows bullish technical patterns, with a potential 2x surge to $1.15 if it breaks above $0.90, per CoinRepublic analysis. - Inclusion in S&P Digital Markets 50 Index and rising whale activity (1,000+ large transactions) signal growing institutional demand for ADA. - On-chain data reveals 15B dormant ADA tokens and strong buy walls near $0.78, suggesting accumulation by long-term holders. - Analysts project $1.30–$2.08 price targets by late 2025, contingent on ETF approvals and ma
Trending news
MoreCrypto prices
More
