WSJ Reports: Circle and BitGo Actively Seeking Rare U.S. Banking Charters—Anchorage Remains Sole Holder
As of 2025-04-22, prominent crypto firms Circle and BitGo continue their efforts to secure federally regulated banking charters in the United States—a status currently held exclusively by Anchorage Digital Bank. The pursuit reflects the growing institutionalization of digital asset companies seeking full banking privileges, including direct access to payment systems and the ability to offer custodial services under federal oversight. This development highlights the evolving regulatory landscape as crypto-native firms strive for traditional financial sector integration while maintaining compliance with stringent banking requirements.
Circle and BitGo Prepare for Licensing Shift
Legislation advancing in Congress would establish a framework for stablecoins and require issuers to operate under a federal or state charter.
Sources told WSJ that Circle, Paxos, and Coinbase are weighing similar regulatory pathways. The types of licenses under consideration range from national trust charters to industrial bank charters, which would allow activities such as holding deposits or issuing stablecoins.
BitGo, which serves as custodian for BlackRock’s Bitcoin ETF, is reportedly close to submitting an application.
The only crypto company with a federal charter at the moment, Anchorage Digital, told WSJ that it has taken a large financial outlay to meet compliance standards.
The chartering business is also entangled with broader developments. World Liberty Finance, a crypto venture with connections to the Trump family, has announced that it will soon unveil a stablecoin, USD1, whose custodian will be BitGo.
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Repositioning for Institutional Acceptance
While regulatory interest in the sector remains uneven, the report suggests that firms previously operating on the margins of the banking system are now preparing to enter it through formal channels.
The shift follows earlier setbacks, when multiple crypto firms lost access to key banking services in the wake of FTX’s collapse and the shutdown of crypto-friendly banks like Silvergate and Signature.
Regulators remain split on how tightly to draw the perimeter. Some agencies have resisted defining crypto’s legal standing in traditional finance, wary of introducing new systemic risks before clearer safeguards are in place.
Yet the movement toward charters shows a deeper shift that crypto’s next phase may depend less on disruptive narratives and more on structural alignment.
For companies that once thrived on regulatory ambiguity, survival now could mean learning to function within the very institutions they were built to bypass.
Frequently Asked Questions (FAQs):
Why pursue a banking license now?Proposed legislation would require stablecoin issuers to hold a charter. Applying early positions firms for compliance while demonstrating stability to partners and regulators.
What’s the tradeoff for becoming a licensed bank?Licensing brings legitimacy but also heavier regulatory obligations—capital rules, audits, and tighter scrutiny. It’s a shift from operating in legal gray zones to following standard banking supervision.
How does this affect traditional banks?Legacy institutions now face competition from crypto-native firms entering through formal channels. The move may also push banks to revisit earlier hesitations about engaging with digital assets.
