Stripe To Apply With OCC for Federal Banking Charter in Preparation for New Stablecoin Adoption Wave: Report
Payments giant Stripe is reportedly applying with the Office of the Comptroller of the Currency (OCC) for a federal banking charter ahead of adopting stablecoins.
According to a recent report by The Information, Stripe is applying for the charter as a means of complying with new stablecoin legislation, allowing it to continue offering dollar-pegged crypto assets after the new law goes into effect.
Furthermore, Stripe announced today the launch of Open Issuance – a new product that would help businesses take advantage of artificial intelligence (AI) and stablecoins, which would allow firms to launch and manage their own dollar-pegged digital assets with just a few lines of code.
As stated by Will Gaybrick, Stripe’s president of technology and business,
“Across stablecoins and AI, Stripe’s role is to pull frontier technology out of the experimental and into the mainstream. With the advent of stablecoins and AI, we’re at the dawn of a new online economy. And we’re relentlessly focused on channeling its many opportunities to help our customers grow.”
Earlier this year, the GENIUS Act, which gave stablecoins regulatory clarity, was passed by Congress and signed into law by President Donald Trump.
The press release says that so far, prominent crypto wallets such as MetaMask, Phantom, and the wallet of the decentralized exchange (DEX) protocol Hyperliquid ( HYPE ), are using the new service.
Furthermore, Stripe’s new tool “will also add to a rapidly increasing number of stablecoins” as the firm said it is aiming to make it “as big as possible.”
However, Neetika Bansal, Stripe’s business lead for connect, money management and crypto, said that the payments giant has no plans to launch a proprietary stablecoin of its own.
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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