$CRCL extending pre-market gains +13% Buried in today's OCC approval: Circle's new trust bank enters the custody business, targeting "banks and other financial institutions, such as regulated derivatives organizations" directly. Interesting to consider the impact on, say, Polymarket, which settles $100B+ annualized in USDC offshore. Onshore it still settles in dollars through FCMs (futures commission merchants). OCC supervision of USDC reserves enhances the case to CFTC and counterparties that USDC is ready as an onshore settlement currency. Big picture: USDC reserves are moving from state money transmitter oversight to OCC federal supervision. USDC is the first major stablecoin issuer to convert conditional approval to final.
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