Bridge, StableCOin Infrastructure Company acquired by Payments Giant Stripe, applied for a Charter for the National Bank Trust with the US Office of Comptroller of the Currency (OCC), said co -founder Zach Abrams on Wednesday.
The move would put the company under federal regulatory supervision if it is approved by the regulator. Through the bank, the company provides services, including custody, stableecoin issuing, stableecoin reserves management, Abrams said.
“We have long thought that stableecoins will be a core, regulated financial building blocks,” Zach Abrams said in a Tuesday x post. “This legislative infrastructure will allow us to tokenize trillions of dollars and make this future possible.”
Bridge joins a madness of stableecoin issuers such as Circle (CRCL), Ripple and Paxos seeking federal regulatory supervision that is similar to traditional financing companies as the stablecoin sector blooms. Stableecoins, Cryptocurrencies tied to Fiat money like the US dollar, is an asset class of $ 300 billion and is becoming increasingly popular for cross-border payments. Growth has been helped by signing the genius law in the law and improving legislative clarity for the sector in the United States
Stripe revealed earlier this month its open issuing service, which helps companies launch their own stablecoin using Bridge’s infrastructure. Crypto Wallet Phantom’s cash, Metamasks MUSD and Hyperliquids USDH StableCoins are all dependent on bridge as a issuer. Stripe acquired a bridge for $ 1.1 billion last year, making it an integral part of the company’s growing ambition in blockchain-driven payments.
