State Street and Citi are among banks looking to launch #Crypto  services as Trump quickly loosens regulations.

https://www.theinformation.com/articles/from-bny-to-citi-wall-street-moves-in-on-crypto?offer=exp-ann-25&utm_campaign=Expansion%3A+BNY+Crypt&utm_content=7127&utm_medium=email&utm_source=cio&utm_term=4873&rc=gzsl71

From BNY to Citi, Wall Street Moves In on Crypto

Crypto

State Street and Citi are among banks looking to launch #Crypto  services as Trump quickly loosens regulations.  https://www.theinformation.com/articles/from-bny-to-citi-wall-street-moves-in-on-crypto?offer=exp-ann-25&utm_campaign=Expansion%3A+BNY+Crypt&utm_content=7127&utm_medium=email&utm_source=cio&utm_term=4873&rc=gzsl71

Bobby

French bank Societe Generale said it plans to launch a stablecoin that will be available on crypto exchanges and payment platforms, making it the first major bank globally to offer a dollar-pegged stablecoin accessible to retail users.
The token, called USD CoinVertible, will be used for crypto trading, cross-border payments, foreign exchange transactions, and collateral and cash management, targeting both retail and institutional investors, the bank said. It will start trading in early July on the Ethereum and Solana blockchains. BNY will serve as a custodian for the reserve assets.
The launch kicks off competition from banks against popular stablecoins Tether’s USDT and Circle’s USDC, which amassed $155 billion and $61 billion in circulation, respectively. More banks could launch their own stablecoins, though some also plan to make use of existing ones. SocGen plans to provide instant 24/7 conversion between cash and its stablecoin for clients, which could be attractive to users.
SocGen’s dollar-pegged stablecoin will not be available to U.S. users. It is compliant with MiCA, the European Union’s crypto regulation. The U.S. Congress is currently deliberating legislation that will provide a framework for stablecoin registration and regulation, with the Senate set to make a key procedural vote this week.

https://www.sgforge.com/usd-stablecoin-bny-custodian/?utm_campaign=%5BREBRAND%5D+%5BTI-AM%5D+Th&utm_content=1095&utm_medium=email&utm_source=cio&utm_term=124

French bank Societe Generale said it plans to launch a stablecoin that will be available on crypto exchanges and payment platforms, making it the first major bank globally to offer a dollar-pegged stablecoin accessible to retail users. The token, called USD CoinVertible, will be used for crypto trading, cross-border payments, foreign exchange transactions, and collateral and cash management, targeting both retail and institutional investors, the bank said. It will start trading in early July on the Ethereum and Solana blockchains. BNY will serve as a custodian for the reserve assets. The launch kicks off competition from banks against popular stablecoins Tether’s USDT and Circle’s USDC, which amassed $155 billion and $61 billion in circulation, respectively. More banks could launch their own stablecoins, though some also plan to make use of existing ones. SocGen plans to provide instant 24/7 conversion between cash and its stablecoin for clients, which could be attractive to users. SocGen’s dollar-pegged stablecoin will not be available to U.S. users. It is compliant with MiCA, the European Union’s crypto regulation. The U.S. Congress is currently deliberating legislation that will provide a framework for stablecoin registration and regulation, with the Senate set to make a key procedural vote this week.  https://www.sgforge.com/usd-stablecoin-bny-custodian/?utm_campaign=%5BREBRAND%5D+%5BTI-AM%5D+Th&utm_content=1095&utm_medium=email&utm_source=cio&utm_term=124

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SOCIETE GENERALE-FORGE TO LAUNCH A USD DENOMINATED STABLECOIN ON ETHEREUM AND SOLANA PUBLIC BLOCKCHAINS WITH BNY AS RESERVE CUSTODIAN | SG Forge

Todd Smith

Big U.S. banks are holding internal discussions about expanding into #Crypto as they get stronger endorsements from regulators, but initial steps will be tentative, centering on pilot programs, partnerships or limited crypto trading, according to four industry executives. Wall Street giants that had been largely blocked from many crypto activities by strict regulations are poised to grow quickly.

https://www.reuters.com/sustainability/boards-policy-regulation/us-banks-tiptoe-toward-crypto-awaiting-more-green-light-regulators-2025-05-28/?utm_source=Iterable&utm_medium=email&utm_campaign=newsletter-20250529

Big U.S. banks are holding internal discussions about expanding into #Crypto as they get stronger endorsements from regulators, but initial steps will be tentative, centering on pilot programs, partnerships or limited crypto trading, according to four industry executives. Wall Street giants that had been largely blocked from many crypto activities by strict regulations are poised to grow quickly.  https://www.reuters.com/sustainability/boards-policy-regulation/us-banks-tiptoe-toward-crypto-awaiting-more-green-light-regulators-2025-05-28/?utm_source=Iterable&utm_medium=email&utm_campaign=newsletter-20250529

Big U.S. banks are holding internal discussions about expanding into cryptocurrencies as they get stronger endorsements from regulators, but initial steps will be tentative, centering on pilot programs, partnerships or limited crypto trading, according to four industry executives. Wall Street giants that had been largely blocked from many crypto activities by strict regulations are poised to grow quickly.

US banks tiptoe toward crypto, awaiting more green lights from regulators

Tasia

Figure Technology, the fintech firm co-founded by former SoFi CEO Mike Cagney, said it sold a pool of $50 million loans that are backed by the borrowers’ crypto assets to Janus Henderson’s private credit arm Victory Park Capital, opening up a new source of funding for its lending business.

It’s rare for private credit funds to provide funding for crypto-backed loans, since the underlying assets are volatile and risky. Figure uses the funding to make new loans to retail customers who pledge their bitcoin and ether holdings to get mortgage or other consumer finance loans.

Figure said the average interest rate it charged retail borrowers for this pool of loans was 12%, well above the current prime rate of 7.5%, with an average loan-to-value of around 50%. The mix of collateral was 80% bitcoin and 20% ether.

“We have strong investor interest in doing more crypto-backed loan purchases of our retail loans,” said Michael Tannenbaum, chief executive officer of Figure Technology. The company filed confidentially for an initial public offering in March 2024.

Janus Henderson, a $373 billion asset management giant, bought Chicago-based Victory Park Capital last year to expand in the fast-growing private credit market. Victory Park has invested $10.6 billion since its inception.

https://www.figure.com/newsroom/announcement/figure-secures-strategic-financing-partnership-with-victory-park-capital/

Figure Technology, the fintech firm co-founded by former SoFi CEO Mike Cagney, said it sold a pool of $50 million loans that are backed by the borrowers’ crypto assets to Janus Henderson’s private credit arm Victory Park Capital, opening up a new source of funding for its lending business.  It’s rare for private credit funds to provide funding for crypto-backed loans, since the underlying assets are volatile and risky. Figure uses the funding to make new loans to retail customers who pledge their bitcoin and ether holdings to get mortgage or other consumer finance loans.  Figure said the average interest rate it charged retail borrowers for this pool of loans was 12%, well above the current prime rate of 7.5%, with an average loan-to-value of around 50%. The mix of collateral was 80% bitcoin and 20% ether.  “We have strong investor interest in doing more crypto-backed loan purchases of our retail loans,” said Michael Tannenbaum, chief executive officer of Figure Technology. The company filed confidentially for an initial public offering in March 2024.  Janus Henderson, a $373 billion asset management giant, bought Chicago-based Victory Park Capital last year to expand in the fast-growing private credit market. Victory Park has invested $10.6 billion since its inception.  https://www.figure.com/newsroom/announcement/figure-secures-strategic-financing-partnership-with-victory-park-capital/

Figure entered into a financing agreement with Victory Park Capital, which includes the sale of Figure’s (and the industry’s) first pool of crypto-backed loans.

Figure Secures Financing Partnership with Victory Park Capital | Figure

The Federal Reserve Board announced on Thursday that it has withdrawn its crypto guidance issued during President Joe Biden’s administration, completing an industry-friendly pivot by all three federal banking regulators.

https://www.federalreserve.gov/newsevents/pressreleases/bcreg20250424a.htm?utm_campaign=article_email&utm_content=article-14915&utm_medium=email&utm_source=sg

The Federal Reserve Board announced on Thursday that it has withdrawn its crypto guidance issued during President Joe Biden’s administration, completing an industry-friendly pivot by all three federal banking regulators.  https://www.federalreserve.gov/newsevents/pressreleases/bcreg20250424a.htm?utm_campaign=article_email&utm_content=article-14915&utm_medium=email&utm_source=sg

The Federal Reserve Board on Thursday announced the withdrawal of guidance for banks related to their crypto-asset and dollar token activities and related chan

Federal Reserve Board announces the withdrawal of guidance for banks related to their crypto-asset and dollar token activities and related changes to its expectations for these activities

Jerome Cody

Crypto companies Circle and BitGo plan to apply for bank charters or licenses, while Coinbase and Paxos are considering similar moves, the Wall Street Journal reported.

Getting a national trust or industrial bank charters could enable crypto firms to directly take customer deposits, make loans, or issue a stablecoin. Obtaining a national bank charter has been difficult in recent years, but the friendlier regulatory environment under Trump could make it easier for crypto firms to obtain signoff.

Coinbase is “actively considering” applying but “has not made any formal decisions yet,” a spokesperson said. Circle, which filed paperwork for an initial public offering earlier this month, said in its filing that it would have to apply for a non-insured depository institution charter with the Office of the Comptroller of the Currency, or acquire an existing one, or be acquired by a bank, to comply with proposed stablecoin legislation, given its stablecoin market circulation exceeds a $10 billion threshold.

Separately, Circle announced Monday that it is launching Circle Payments Network, connecting banks, fintechs, payment providers and crypto firms to enable cross-border payments using stablecoins. Circle has been working to expand its business by encouraging more people and businesses to use its dollar-pegged stablecoins to move money.

https://www.wsj.com/finance/currencies/crypto-knocks-on-the-door-of-a-banking-world-that-shut-it-out-082b3968?utm_campaign=%5BREBRAND%5D+%5BTI-AM%5D+Th&utm_content=1095&utm_medium=email&utm_source=cio&utm_term=124

Crypto companies Circle and BitGo plan to apply for bank charters or licenses, while Coinbase and Paxos are considering similar moves, the Wall Street Journal reported.  Getting a national trust or industrial bank charters could enable crypto firms to directly take customer deposits, make loans, or issue a stablecoin. Obtaining a national bank charter has been difficult in recent years, but the friendlier regulatory environment under Trump could make it easier for crypto firms to obtain signoff.  Coinbase is “actively considering” applying but “has not made any formal decisions yet,” a spokesperson said. Circle, which filed paperwork for an initial public offering earlier this month, said in its filing that it would have to apply for a non-insured depository institution charter with the Office of the Comptroller of the Currency, or acquire an existing one, or be acquired by a bank, to comply with proposed stablecoin legislation, given its stablecoin market circulation exceeds a $10 billion threshold.  Separately, Circle announced Monday that it is launching Circle Payments Network, connecting banks, fintechs, payment providers and crypto firms to enable cross-border payments using stablecoins. Circle has been working to expand its business by encouraging more people and businesses to use its dollar-pegged stablecoins to move money.  https://www.wsj.com/finance/currencies/crypto-knocks-on-the-door-of-a-banking-world-that-shut-it-out-082b3968?utm_campaign=%5BREBRAND%5D+%5BTI-AM%5D+Th&utm_content=1095&utm_medium=email&utm_source=cio&utm_term=124

President Trump’s pledge to make America a “bitcoin superpower” has set the stage for crypto to become more intertwined with the banking system.

Bobby

A group of likeminded people in Crypto are talking about this.