WSJ: Circle, BitGo to apply for bank charters; Coinbase, Paxos may follow suit

The Wall Street Journal reported Monday that crypto firms Circle and BitGo plan to apply for U.S. bank charters or licenses, citing people familiar with the matter. Coinbase and Paxos are reportedly considering following suit, as the U.S. Congress considers legislation that would require stablecoin issuers to be licensed. Crypto firm Custodia Bank had previously been denied access to a Federal Reserve master account.