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Circle Will Apply for U.S. Crypto Bank Charter in ‘Near Future’

The startup disclosed its plan eight months ago but has yet to submit an application.

Jeremy Allaire, chief executive of Circle Internet Financial.

Jeremy Allaire, chief executive of Circle Internet Financial.

Photographer: Stefani Reynolds/Bloomberg
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The crypto payments startup Circle Internet Financial said it’s closer to submitting an application to operate as a bank in the U.S., pushing forward with a months-old plan even as regulators make it more difficult for crypto companies to secure this kind of license.

Circle, the issuer of the second-largest stablecoin, disclosed its intention to become a crypto bank in August and has held ongoing discussions with regulators since then, Chief Executive Officer Jeremy Allaire said in an interview. He declined to say when the company would submit the application, saying only that it would be “hopefully in the near future.”