July 1st, according to CNBC, stablecoin issuer Circle (CRCL.K) is reportedly applying to establish a national trust bank in the United States. Earlier this month, the company achieved a valuation of nearly $18 billion through an initial public offering, and this application is its subsequent key move.

If the Office of the Comptroller of the Currency (OCC) approves this charter, Circle will be able to act as a custodian of its own reserves and hold cryptocurrencies on behalf of institutional clients. However, unlike traditional banks, this charter does not allow Circle to accept cash deposits or issue loans. Currently, the cryptocurrency platform Anchorage Digital is the only digital asset company with a national trust bank charter.

Experts and analysts suggest that once the bill is signed into law, it may pave the way for more traditional financial institutions and retailers to incorporate stablecoins into their business.