U.S. Bank Charter Applications See Surge in Crypto-Related Business Plans

The U.S. Office of the Comptroller of the Currency (OCC) has seen a significant increase in bank charter applications that include plans for crypto-related business, with about 60% of new applications containing digital asset proposals.

This figure is an eightfold increase from the previous four years and reflects growing interest in stablecoins, which are payment tokens backed by highly liquid assets such as U.S. dollars.

OCC chief Jonathan Gould said that it's becoming common for applications awaiting review to include payment stablecoins in their business plans, calling it 'the birth of a new industry'.

The OCC is also speeding up its work on stablecoin regulations, with Gould expecting final rules by November and the start of accepting applications next year.