Stablecoin Issuer Circle Now Runs a Bank (of Sorts). Does That Matter for Circle Stock?
Circle now runs a federally regulated bank that takes no deposits and makes no loans. Here's what it actually does, and what would make it matter.
Overview
Circle Internet Group (NYSE: CRCL) now has a bank. Sort of.
It won't hold your paycheck, give you a mortgage, or hand out a toaster for opening an account. In fact, Circle won't open an account for you at all. It's not that kind of bank.
Details
On July 10, the U.S. Office of the Comptroller of the Currency (OCC) gave Circle final approval to establish a specialized bank named Circle National Trust. The doors opened on July 24.
Source
Originally published at www.fool.com.
Related Articles
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.