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In a blog post on the company’s website, CEO Jeremy Allaire says Circle intends to become a “full-reserve national commercial bank, operating under the supervision and risk management requirements of the Federal Reserve, US Treasury, OCC, and the FDIC”.
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Allaire claims that full-reserve banking built on digital currency technology will lead to a “more efficient” financial system as customer deposits will be backed by USDC, enabling them to be withdrawn quickly when required.
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