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News by FinTech Collective Archive

Circle announces plans to become a national digital currency bank

Sarah Wolter

August 11, 2021

https://www.passle.net/Content/Images/passle_logo-186px.png Passle https://passle.net

Sarah Wolter

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will lead to a “more efficient” financial system as customer deposits will be backed by USDC, enabling them to be withdrawn quickly when required.

https://www.fintechfutures.com/2021/08/circle-announces-plans-to-become-a-national-digital-currency-bank/

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