A growing number of cryptocurrency companies are preparing to enter the U.S. banking system, propelled by a policy shift under President Donald Trump aimed at integrating digital assets into mainstream finance.

What Happened: Firms like Circle USDC/USD and BitGo are planning to apply for bank charters, The Wall Street Journal reported, quoting sources.

Coinbase COIN and Paxos are also exploring regulatory approvals to operate with similar authority.

These developments follow the Trump administration's commitment to establishing the U.S. as a global leader in digital assets, including through new legislation targeting stablecoin oversight.

Recent bills moving through Congress propose a regulatory framework for stablecoins, mandating that issuers secure banking licenses or charters.

These digital tokens, typically pegged to fiat currencies, are used as a bridge between volatile cryptocurrencies and traditional money.

Some crypto firms are aiming for national trust bank or industrial bank charters that are essentially licenses that would allow them to hold customer deposits or issue loans.

Others are seeking limited permissions specifically for issuing stablecoins.

BitGo, a crypto custody firm and reserve manager for the Trump family's stablecoin project USD1, is nearing the submission of its bank charter application, according to individuals familiar with its plans.

Anchorage Digital, currently the only federally chartered crypto bank in the U.S., has invested tens of millions of dollars to meet regulatory standards.

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CEO Nathan McCauley acknowledged the operational challenges, saying, "It has not been easy," but emphasized the importance of intertwining full regulatory compliance with the crypto sector.

Anchorage recently became a custodian for BlackRock's iShares Bitcoin Trust IBIT and partnered with Cantor Fitzgerald and Copper on a $2 billion bitcoin-backed lending initiative.

Tether USDT/USD, the world's largest stablecoin by market cap at $145 billion, is a major Cantor client.

This integration marks a reversal from two years ago when the collapses of crypto firms and banks like Silvergate and Signature led to a regulatory clampdown, forcing traditional financial institutions to distance themselves from the crypto sector.

Why It Matters: Trump's return to office has changed the tone.

Regulations that once required banks to seek explicit approval before offering crypto services have been softened, and new federal guidance on bank-crypto relationships is expected later this year.

Legacy financial institutions are adjusting course.

Bank of America BAC CEO Brian Moynihan said in February the bank is prepared to issue a stablecoin once legal clarity is established.

U.S. Bancorp USB has also resumed crypto custody services via a partnership with NYDIG.

International banks are taking note.

A consortium including Deutsche Bank DB and Standard Chartered SCBFF is exploring expansion into the U.S. crypto market. Deutsche Bank declined to comment, and Standard Chartered did not respond.

However, caution persists in some corners.

KeyCorp KEY CEO Chris Gorman noted potential competitive threats from crypto and cited regulatory concerns, particularly around transparency and anti-money laundering enforcement. "It's hard to trace," he said.

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