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Crypto

Wise to reapply for federal trust bank charter under Genius Act framework

Wise, a London-headquartered cross-border remittance and foreign-exchange services company, will submit a new application for a U.S. federal trust bank charter under the Genius Act stablecoin framework after the Office of the Comptroller of the Currency rejected its original proposal. The Block reported the OCC said the initial filing did not align with new Federal Reserve policy on payment system master account access. Reuters reported Wise will reapply on July 24.

Crypto

BitGo, OTC Markets seek to give broker-dealers access to tokenised securities trading

BitGo and OTC Markets Group are pursuing a partnership to support about 150 broker-dealers in trading, settling and custodying digital asset securities. If implemented, broker-dealers would be able to use the same electronic infrastructure they currently use for over-the-counter securities and U.S. stock trading to quote, trade and settle digital asset securities. The plan combines OTC Link ATS with BitGo’s custody infrastructure.

Crypto

Circle ahead of Coinbase renegotiation; Japan\'s Mizuho Securities warns on USDC profit model

Mizuho Securities in Japan cut its investment rating on USDC issuer Circle to underperform from neutral, warning that competition could intensify and USDC could become more commoditised if a U.S. Clarity bill passes. It flagged OpenUSD as a key threat and said Coinbase could gain leverage in the next revenue-sharing talks with Circle. Mizuho also cited potential limits on yield-like returns, entry by major banks and longer-term pressure on net profit margins.