Stripe's Bridge Applies for National Bank Trust Charter to Expand Stablecoin Business

Core Insights - Bridge, a stablecoin infrastructure company acquired by Stripe, has applied for a national bank trust charter with the U.S. Office of the Comptroller of the Currency (OCC) to gain federal regulatory oversight [1] - The stablecoin sector is experiencing significant growth, with stablecoins representing a nearly $300 billion asset class, driven by increasing demand for cross-border payments and improved regulatory clarity from the GENIUS Act [2] - Stripe's recent launch of the Open Issuance service allows companies to create their own stablecoins using Bridge's infrastructure, highlighting Bridge's integral role in Stripe's blockchain payment ambitions [3] Company Developments - Bridge aims to provide services such as custody, stablecoin issuance, and management of stablecoin reserves if its bank charter application is approved [1] - The acquisition of Bridge by Stripe for $1.1 billion last year underscores the company's commitment to expanding its capabilities in blockchain-powered payments [3] Industry Trends - The stablecoin market is becoming increasingly regulated, with multiple issuers like Circle, Ripple, and Paxos seeking federal oversight to align with traditional financial firms [2] - The regulatory environment is evolving, with the GENIUS Act enhancing clarity for the stablecoin sector in the U.S., facilitating its growth [2]