Paxos Joins Circle and Ripple in Banking License Race—Stablecoin Giants Bet on Regulatory Endgame
Crypto's quiet giants are playing the long game—by turning into banks. Paxos just threw its hat into the ring for a US banking charter, following stablecoin rivals Circle and Ripple. Who needs decentralization when you can have FDIC insurance?
Wall Street's worst-kept secret: Every fintech eventually morphs into the thing it sought to disrupt. Now stablecoin issuers—the supposed rebels of finance—are lining up for banking licenses like Black Friday shoppers at a Rolex store.
The regulatory chessboard takes shape. With three major crypto players now vying for banking status, the industry's endgame becomes clear: Institutional acceptance requires playing by old-school rules. Even if it means wearing a suit.
One cynical truth remains: In finance, the revolution always ends with better paperwork.
