Circle became a federal trust bank – now lenders warn stablecoins is projected to drain $500 billion

Washington just gave one of the world’s largest digital currencies a more official place in the US financial system. On July 10, Circle won final approval from the Office of the Comptroller of the Currency to open a national trust bank under federal supervision. Circle called it a major step for USDC, as the approval makes it easier for banks, payment firms, asset managers, and corporate treasury desks to treat USDC …