As regulatory momentum tilts toward crypto-friendlier policies in the U.S., major digital asset firms including Circle and BitGo are preparing to take a bold leap into traditional finance by seeking full banking charters.
The move signals a strategic shift in how crypto companies plan to integrate with the American financial system, especially under the potential return of former President Donald Trump - whose campaign rhetoric has included turning the U.S. into a “bitcoin superpower.”
According to individuals familiar with the matter, both Circle and BitGo are in advanced stages of preparing banking license applications, which would allow them to offer traditional services such as deposits and lending under federal oversight. Their efforts come amid broader industry anticipation of new federal banking guidance expected later this year, which may further ease regulatory friction for crypto players.
The timing aligns with increasing political and institutional support for digital assets. Under Trump’s influence, regulatory bodies have reportedly scaled back restrictions that once required banks to obtain special approvals before partnering with crypto firms. This deregulatory shift could mark a pivotal moment for the sector’s long-awaited entry into mainstream finance.
The pursuit of banking charters is also a proactive response to pending stablecoin legislation in Congress, which could mandate that issuers be either federally chartered banks or hold equivalent licenses. Circle, the issuer of USD Coin (USDC), currently the second-largest stablecoin with a $61 billion market cap, is positioning itself for compliance in this evolving legal environment.
BitGo, meanwhile, is closely tied to USD1, a new stablecoin initiative backed by World Liberty Financial, a venture reportedly associated with the Trump family. BitGo is expected to manage USD1’s reserves—further aligning itself with politically influential figures and stablecoin infrastructure.
Anchorage Digital, the only crypto-native firm to have secured a federal bank charter so far, has offered a glimpse into the demanding nature of regulatory compliance. CEO Nathan McCauley revealed the firm has invested tens of millions of dollars to meet stringent oversight standards.
Despite the hurdles, Anchorage has successfully expanded its institutional footprint - acting as a custodian for BlackRock’s iShares Bitcoin Trust and participating in a $2 billion bitcoin lending consortium alongside Cantor Fitzgerald and Copper.
The growing momentum hasn’t gone unnoticed by traditional financial institutions. After years of caution or outright withdrawal from the crypto space, some major banks are cautiously re-entering.
Bank of America, for example, recently stated it would consider launching its own stablecoin pending regulatory clarity. U.S. Bancorp is reviving its crypto custody service through a partnership with NYDIG.
Globally, international banking giants such as Deutsche Bank and Standard Chartered are also reportedly exploring crypto operations within the United States, suggesting a broader trend of convergence between digital assets and the legacy financial system.
Despite the uptick in interest, skepticism remains. KeyCorp CEO Chris Gorman voiced concerns about transparency and the potential for crypto to become a competitive threat, particularly regarding anti-money-laundering risks and compliance complexity.
Still, the direction of travel is clear. With regulatory doors creaking open, crypto companies are moving quickly to embed themselves into the heart of traditional banking. Whether through charter applications, stablecoin development, or custody partnerships, the sector appears ready to redefine its role within U.S. finance - on more regulated, but potentially more stable, terms.