Major cryptocurrency firms, including stablecoin issuer Circle and crypto custodian BitGo, are reportedly weighing the possibility of applying for bank charters or licenses.

According to an April 21 report by The Wall Street Journal, which cited individuals familiar with the matter, Circle, BitGo and several others are considering seeking some form of banking license.

Among the other firms mentioned are the publicly traded, US-based crypto exchange Coinbase and stablecoin issuer Paxos.

The US Office of the Comptroller of the Currency had previously granted preliminary conditional approval for a US bank charter to Paxos back in 2021.

The report surfaces as the United States continues to overhaul its regulatory approach to stablecoins.

US Federal Reserve Chair Jerome Powell recently commented that as digital assets gain broader mainstream adoption, establishing a legal framework for stablecoins is a “good idea.”

Speaking at a recent event in Chicago, Powell acknowledged that following a “wave of failures and frauds,” the crypto space had produced a consumer use case that “could have wide appeal.”

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