On July 14, according to the Financial Times, cryptocurrency companies are accelerating their entry into the traditional US banking industry, taking advantage of the Trump administration's friendly regulatory environment for digital assets. Ripple, Circle, and BitGo have applied for national trust bank licenses, which would allow them to provide crypto asset custody and payment processing services without needing to apply for permits state by state, enabling nationwide operations.
Circle is applying to establish the "First National Digital Currency Bank", aimed at strengthening the USDC stablecoin infrastructure and meeting the requirements of the GENIUS Act. Ripple is also applying for a Federal Reserve master account to directly hold stablecoin reserves.
Meanwhile, Kraken plans to launch debit and credit cards by the end of this month, with no intention of applying for a full bank license, focusing on the integration of crypto tools and financial services. Market analysts point out that the Trump administration's open attitude and stablecoin legislative progress are driving this trend, though regulatory approval remains uncertain.
