Powell Supports Stablecoin Regulation as Circle Seeks US Bank Charter
Federal Reserve Chair Jerome Powell announced on July 1 that the U.S. is making progress in creating a regulatory framework for stablecoins, viewing them as beneficial for the financial system. He highlighted the necessity for clear rules governing dollar-pegged tokens and noted active efforts to integrate stablecoins into mainstream finance.
- Powell's remarks indicate growing consensus on stablecoin oversight in Washington.
- The comments coincide with increased regulatory activity aimed at balancing innovation and consumer protection.
- Legislative efforts, such as the GENIUS Act, are underway to clarify the sector.
- Treasury Secretary Scott Bessent suggested stablecoin legislation could be introduced by mid-July, linking stablecoins to U.S. Treasury securities.
Circle Applies for National Trust Charter After IPO
Stablecoin issuer Circle has applied for a U.S. national trust bank license following its $18 billion IPO. This would allow Circle to manage USDC reserves and custody tokenized assets.
- If approved, Circle’s entity—First National Digital Currency Bank, N.A.—would be the second crypto company with such a charter.
- The license focuses on custody solutions without traditional banking services like deposits or loans.
- CEO Jeremy Allaire emphasized the application as part of Circle's commitment to transparency and compliance.
With stablecoin legislation expected to pass this summer, regulation could soon be implemented.
Wallet Presale Project Gains Traction Among Crypto Users
The wallet project Best Wallet has raised over $13.64 million in its presale, with the $BEST token priced at $0.025265. The platform allows purchases via card or crypto and is accessible on Google Play and the App Store.
- Best Wallet offers multi-chain swaps, private key security, and real-time transaction tracking.
- Token holders can stake $BEST for rewards and access exclusive Web3 tools.