Reported about 13 hours ago
Companies such as General Motors, Stellantis, and Circle are applying for US banking charters, driven by a regulatory shift under the Trump administration that raises their chances for approval. These firms are not looking to become full-service banks but aim to comply with new regulations around stable coins for increased credibility and competitiveness against traditional banks. This move has sparked concerns among existing banks about regulatory arbitrage and increased competition in the financial sector.
Source: YAHOO