The relaxation of regulations in the United States is driving the banking of fintech, and cryptocurrency institutions are accelerating their efforts to obtain banking licenses

As the regulatory environment in the United States gradually relaxes, the fintech industry is accelerating its transformation towards "bank-like licensing." Last year, the approval process for trust bank licenses significantly sped up, and the Office of the Comptroller of the Currency (OCC) has approved conditional applications for national trust bank licenses for five companies, including Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. It is reported that having a bank license is also seen as an important means to hedge against fluctuations in the capital markets.

Industry insiders believe that the era of fintech companies merely serving as front-end channels for traditional banks is coming to an end. An increasing number of digital finance and crypto institutions are beginning to directly seek bank licenses. By accepting insured deposits and accessing the federal payment system, crypto companies can obtain a more stable and lower-cost source of funding.