Stablecoins Finally Recognized by US Legislation, Wall Street Bankers Rush In

Original Title: "The Stablecoin Bill in Hand, and the Restless Wall Street Bankers"

Stablecoins "come ashore," the "ceiling" of U.S. crypto finance is opened once again.

Just last night, the U.S. House of Representatives officially passed the "GENIUS Act" and the "CLARITY Act," giving the stablecoin track a "shore-based system," setting a clear regulatory tone for the entire digital asset industry. The White House subsequently announced that Trump will personally sign the GENIUS Act this Friday. From now on, stablecoins are no longer experimental products in a gray area but "official monetary instruments" to be written into U.S. law and endorsed by the state.

Almost simultaneously, the three major financial regulatory giants, the Federal Reserve, FDIC, and OCC, jointly issued guidance a few days ago, clarifying for the first time that U.S. banks can provide crypto asset custody services to customers. Various banks and institutions on Wall Street can no longer hold back.

Traditional Banks Raise the Flag of Stablecoins

As the second-largest bank in the U.S., Bank of America (BoA) officially confirmed that the bank is actively preparing stablecoin products and considering collaborating with other financial institutions to launch them. It also stated, "We are ready, but still waiting for further clarity from the market and regulators."

"We have done a lot of preparatory work." Bank of America CEO Brian Moynihan said they are currently deeply researching customer needs and will launch stablecoin products at the appropriate time, possibly in collaboration with other financial institutions.

At the same time, Bank of America also launched a weekly on-chain research report titled "On Chain," clearly focusing on stablecoins, RWA, payment settlement, and infrastructure. The release of "On Chain" coincides with a critical week in Washington, as lawmakers review the GENIUS Act, CLARITY Act, and the Anti-Central Bank Digital Currency Surveillance Act, which could all influence the U.S. policy direction on stablecoins and digital infrastructure.

"As long as the regulations are clear, banks are ready to accept cryptocurrency payments." Bank of America CEO Brian Moynihan stated.

Citibank is also in a "waiting for the wind to fly" posture.

Citibank CEO Jane Fraser clearly stated that the bank is actively advancing stablecoin-related plans and sees them as an important cornerstone for future international payments. Citibank's bet on stablecoins is backed by a reflection on global cross-border payments: high fees and slow transfers. The hidden costs of current cross-border transactions can often be as high as 7%, and the existing interbank networks are far inferior to on-chain solutions in terms of availability and efficiency. Citibank's goal is to use stablecoins to build a new, programmable payment轨道 that operates around the clock, allowing corporate customers to transfer money anywhere in the world at low cost and high efficiency.

As an "old acquaintance" in the crypto circle, JPMorgan is moving even faster.

On June 18, JPMorgan announced that it would试点 launch a deposit token called JPMD, deployed on the Base blockchain supported by Coinbase. Initially, the token will only be available to JPMorgan's institutional clients, and will gradually expand to a broader user base and more currencies after U.S. regulatory approval.

This is the first time a Wall Street giant has directly issued traditional bank deposits on-chain, marking a critical step in the deep integration of traditional finance with the decentralized world. JPMD is a "permissioned deposit token," 1:1对应 JPMorgan's dollar deposits, supporting 24/7 real-time transfers with transaction costs as low as $0.01, and享有 traditional financial protections such as deposit insurance and interest.

Looking at the entire U.S. banking industry, the speed at which they are entering the stablecoin market and rushing onto the chain far exceeds the most optimistic expectations of the crypto circle. The real wave of financial change has arrived.

Traditional Banks and Native Asset Management's Crypto Melee

On July 15, Standard Chartered announced that it would provide its institutional clients with spot trading services for Bitcoin and Ethereum, making it the first globally systemically important bank (G-SIBs) to do so. The service will first launch in London, Hong Kong, and Frankfurt, initially covering Asia and Europe, with plans to operate around the clock, 24/5, directly integrated with traditional forex platforms. Corporate clients and asset management companies no longer need to绕圈子、翻墙开户; they can buy and sell Bitcoin and Ethereum directly like forex, with结算 and托管 options for自营 or third-party services.

In fact, Standard Chartered has been布局 digital asset托管与交易 through Zodia Custody and Zodia Markets for several years. This announcement is just顺势公开, making all积累全量开放. Standard Chartered's global head of digital assets, Rene Michau, made it clear:现货加密业务先推 BTC、ETH,未来还会扩展到更多加密产品, including远期、结构化、无本金交割等合约,完全对标加密交易平台的业务线.

Meanwhile, JPMorgan, Bank of America, and others are also preparing to launch cryptocurrency custody and related services. What you once thought impossible has now become a既定事实. Twelve months ago, you were still questioning "Will JPMorgan custody Bitcoin?" Now, the only question left is "Which bank will grab the largest share first?"

Also worth watching are the "new派 banks"—like London's Revolut, which relies heavily on crypto trading for a significant portion of its income, with the long-term goal of applying for a U.S. domestic bank license to彻底杀入主流金融生态圈.

Peter Thiel's Ambition: Building a New Silicon Valley Bank

Beyond asset custody and抢占加密原生资管和交易平台的市场份额, Wall Street's野心家们 are also finding new entry points in account services and credit support.

Multiple mainstream financial media outlets have confirmed: Peter Thiel is联合发起一家名为 Erebor 的新银行 with tech富豪 Palmer Luckey and Joe Lonsdale, and has formally applied for a national bank charter with the U.S. OCC. This bank's target clients are直指 "mainstream banks不愿服务"的加密货币、AI、国防和制造业初创企业, attempting to become the替代者 after the collapse of Silicon Valley Bank.

The bank's发起人构成亦具有鲜明 "硅谷政治资本交叉"特征: Peter Thiel (PayPal 与 Palantir 联创、Founders Fund 掌舵人), Palmer Luckey (Oculus 创始人、Anduril 联创), Joe Lonsdale (Palantir 联创、8 VC 创始人). All three were significant political donors to Trump in the 2024 U.S. presidential election and have close ties to the currently advancing "GENIUS Act" in Congress.

According to Erebor's application documents submitted to the OCC, Founders Fund will participate as the primary capital supporter, with the three founders not involved in daily management, only介入治理结构 as directors. The bank's management will be led by former Circle advisors and the CEO of compliance software company Aer Compliance, aiming to clearly delineate the boundaries between politics and operations, highlighting its定位 as an institutionalized financial institution.

Its客户画像同样精准:面向虚拟货币、人工智能、国防科技和高端制造等被传统银行视为 "高风险"的创新企业,及其员工与投资人;同时也服务 "国际客户"—those难以进入美元金融体系、又依赖美元清算或希望用稳定币降低跨境交易成本的海外机构. Erebor计划通过建立 "代理银行关系",充当这些企业连接美元体系的超级接口.

其业务模式也颇具加密原生色彩:存款、贷款服务以比特币与以太坊为抵押资产,不涉足传统房贷车贷;同时在资产负债表上持有少量 BTC 和 ETH 作为运营所需(如支付 gas 费用),不参与投机交易.值得注意的是, Erebor 也划清了监管边界:不提供需要信托牌照的资产托管服务,仅提供链上资金结算,不直接保管用户资产.

In short, this is an进阶版的硅谷银行, and with various加密友好政策推动下, Erebor 极可能争取成为首批以合规身份托管 USDC、RLUSD 等主流稳定币的 "美元中继银行",为稳定币提供联邦清算路径.

Related Reading: "Peter Thiel Personally 'Assembles' Erebor, Aiming to Be the '替代者' of Silicon Valley Bank"

National Bank Charter, the Future of Crypto Banks

With the stablecoin bill settled and绿灯高挂 in Washington, it's clear to everyone that the next ranking赛 among Wall Street bankers has quietly begun.

And the "National Trust Bank Charter" is an important赛点 in this ranking赛. This is one of the "ceiling-level" charters in the U.S. financial system and the most realistic path for all crypto assets, institutional custody, and stablecoin companies to enter the mainstream financial system.

The U.S. banking system consists of three core federal charters: National Bank, Federal Savings Association (FSA), and National Trust Bank. The first two are traditional banks and savings associations with a long history,高壁垒、离谱门槛. The National Trust Bank charter is specifically designed for trust, custody, pension, and other businesses, coinciding perfectly with the new players in the crypto圈 who want to合规 "hold coins".

Its含金量 is higher than most imagine. First, the National Trust Bank charter is equivalent to a跨州通行证; once obtained, business can be conducted in all 50 states without applying州 by州. Additionally, this charter allows the holder to provide institutional-grade asset custody, digital currency custody, corporate trust, pension management, and other多元金融服务 for clients. Although it cannot吸收 retail存款、发放贷款, this反而跟加密托管方的 "刚需"完美贴合—what everyone wants is asset security and the title of法币托管、合规透明.

More critically, this is a charter directly issued by the OCC,属于联邦级别的银行牌照. With this charter, crypto companies can apply to接入美联储支付和清算体系,极大提升资金流动性和结算效率.

Anchorage Digital: The First Crypto Custody Bank to Eat the Crab

The first in the industry to eat the crab in crypto asset management is Anchorage Digital.

Anchorage Digital was founded in 2017, headquartered in California, and is a tech-financial company specializing in "digital asset custody" services for institutional clients (such as funds, family offices, trading platforms), providing secure, compliant digital asset storage and custody services.

Before 2020, crypto asset companies could only legally conduct custody business through state-level trust charters (such as New York's BitLicense, South Dakota's trust charter), with significant limitations in business scope and reputation.

But in 2020, the OCC welcomed a "crypto ally"—former Coinbase executive Brian Brooks took charge. After taking office, he首次明确表态:欢迎创新型数字资产公司申请联邦银行牌照. Anchorage seized the opportunity,第一时间冲进递申请,几十个文件、几百页材料,把 KYC/AML、合规、技术风控、管理架构全都写了个底朝天. On January 13, 2021, the OCC officially announced approval, and Anchorage Digital Bank National Association officially launched—the first truly compliant digital asset national trust bank in the U.S.

After becoming the first "federally certified" crypto custody bank in U.S. history, Anchorage Digital's status skyrocketed,被视为华尔街级别的机构托管服务商,为 BlackRock、Cantor Fitzgerald 等多个资管机构和财团的数字资产托管方.

可惜好景不长,政策风向说变就变. OCC 换人,监管收紧,数字资产信托的新申请一夜之间被基本 "卡死". Anchorage 成了独苗,这条赛道直接被 "冻结"了三年多.

Until now, with Trump in power and crypto-friendly factions掌权, a川普政府的一位加密货币友善派官员 Jonathan Gould was appointed as the OCC's interim head,撤回部分拜登时期对加密行业的 "银行指导方针".

And earlier this month, the newly appointed OCC head Jonathan Gould, former chief legal officer of blockchain infrastructure company Bitfury,精通业务、法律、监管三路. His appointment敏锐地让市场感觉到, the federal合规窗口又一次微微敞开. Industry entrepreneurs, funds, and project方 are already "蠢蠢欲动", waiting for the next round of charter放水.

Ultimate Game, Accessing the Federal Reserve's清算体系

For the crypto圈, having a "National Trust Bank Charter" is not the ultimate牛; what truly makes everyone envious is "accessing the Federal Reserve's清算体系"—the传说中的 "主账户" (Fed Master Account).

For the crypto industry, this is an even greater诱惑.

Directly settling,清算、转账、存款 with the Federal Reserve, without relying on third-party大 banks. For crypto companies, obtaining a主账户资格 means stablecoin reserves can be placed directly with the central bank,彻底打通美国金融基础设施, no longer being "外来户" or "二等公民", but truly becoming "正规军" endorsed by the U.S. financial system.

Everyone in the圈内明白,这才是真正意义上的 "转正", from being seen as外来户、二等公民 by the banking system, to becoming正规军 recognized by the U.S. financial system in one step. So Circle、Ripple、Anchorage、Paxos these加密明星 are all一边搞定联邦信托银行牌照,一边死磕主账户审批.

But because the Federal Reserve担心 "主账户"被加密公司滥用,带来金融稳定风险(比如风险资产突然大量清算,影响系统流动性),同时还可能有洗钱、非法资金流动、技术安全等监管挑战,目前为止,没有一家纯加密公司被批准过美联储主账户. Even the first "crab eater" Anchorage, which obtained the federal trust bank charter, still hasn't been approved for a主账户.

So who else is still冲击银行牌照?

Circle率先递交材料 in late June 2025, planning to establish a new bank called First National Digital Currency Bank, N.A., to directly custody USDC reserves and provide institutional-grade custody services.

紧随其后, Ripple also官宣 in early July that it had submitted an application to the OCC,同时一口气申请了联邦主账户, wanting to place its stablecoin RLUSD's reserves directly in the central bank system,姿态非常激进.

老牌托管公司 BitGo is also不甘落后, waiting for OCC批复. According to公开信息, BitGo is also one of the designated service providers for "Trump USD1" reserve托管.

除了这三家最有代表性的加密 "正规军", Wise (原 TransferWise) also递交了以非存款型托管银行为定位的牌照申请. Erebor Bank 这类科技圈新贵则直接高调宣布,要把 AI、加密、国防等新经济产业都纳入服务半径. First Blockchain Bank and Trust, a first-generation blockchain bank,曾试水 during the Biden era but悄然撤回 due to tight regulatory windows. It's rumored that Fidelity Digital Assets also plans to submit materials, but官方还没确认.

Circle、Ripple、BitGo, as long as they can obtain this charter, can绕开州级合规、全国跑马圈地, even有望接入美联储主账户—once achieved, stablecoin dollar reserves can be placed in the central bank's vaults, and托管、清算能力 can compete head-to-head with traditional Wall Street giants.

看起来,监管层对加密公司想变银行这件事,一直是又期待又警惕. On one hand, with OCC人事更替、政策转暖, crypto companies确实迎来了 "窗口期"; on the other hand, these charters do not equate to full banking licenses, still不能吸收活期存款、放贷.

新窗口已开,但门槛未降,谁能第一个敲开美联储那道门? This will be the most精彩博弈 between Wall Street bankers and加密大佬 in the下半场, with the胜者 potentially rewriting the financial格局 of the next decade.

而对于加密行业来说, stablecoin正式上岸,银行正式开门,原本平行的加密世界和华尔街终于在监管阳光下实现 "合流". 曾经被监管、银行、资本市场反复争议的加密资产,如今正在以 "主流资产"的身份,走进每一个美国人的日常账户和每一家全球金融机构的资产负债表.

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