Federal Reserve Chair Jerome Powell announced the US is advancing stablecoin regulatory framework development, while Circle formally applied for a national trust bank license following its $18 billion IPO.
Federal Reserve Chair Jerome Powell stated on July 1 that the United States is “well on the way” to developing a regulatory framework for stablecoins, calling the asset class a “positive step” for the financial system. He emphasized the need for clear, consistent rules governing dollar-pegged tokens, noting that policymakers are actively advancing the framework to support stablecoin integration into mainstream finance.
🚨 Breaking: Fed Chair Jerome Powell calls crypto stablecoins a "positive step" for the future of digital finance! 💰📈 He confirms that a framework for regulation is already in the works. 🔧#Crypto #Stablecoins #JeromePowell #Finance #Blockchain pic.twitter.com/wqFsDKGkO8
— Crypto News Hunters 🎯 (@CryptoNewsHntrs) July 1, 2025
Although Powell did not provide a concrete timeline or reference a specific legislative mechanism, his comments reflect growing consensus in Washington around the importance of stablecoin oversight. The remarks come amid heightened activity from regulators and lawmakers seeking to balance innovation with consumer protection as stablecoins gain adoption across trading, payments, and decentralized finance ecosystems.
These developments align closely with ongoing legislative efforts—most notably the GENIUS Act, and signal a unified push from both the Federal Reserve and the US Treasury to bring stability and clarity to the sector.
In line with Powell’s remarks, the US government is working on a broader digital asset framework focused on reserve protection and financial system integration. Treasury Secretary Scott Bessent told Bloomberg this week that stablecoin legislation under the GENIUS Act could arrive by mid-July, aiming to link stablecoins more directly to US Treasury securities.
Circle Applies for National Trust Charter After IPO
Adding weight to the policy push, stablecoin issuer Circle has formally applied for a US national trust bank license, according to Reuters. The move follows its $18 billion IPO and would allow Circle to directly manage USDC reserves and custody tokenized financial assets.
If approved, Circle’s new entity —First National Digital Currency Bank, N.A.— would become only the second crypto company with such a charter after Anchorage Digital. While the license excludes traditional banking services like deposits or loans, it would enable Circle to offer custody solutions for tokenized stocks, bonds, and stablecoin reserves.
Circle CEO Jeremy Allaire framed the move as a continuation of Circle’s commitment to transparency and compliance. The move is seen as a step toward building regulatory trust and could make it easier for traditional financial institutions to engage with stablecoins.
Today, we announced an important and significant milestone in our journey towards building the internet financial system with our official OCC National Trust Bank charter application for First National Digital Currency Bank, N.A.
https://t.co/Zx4bWGy388— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) June 30, 2025
With the House of Representatives expected to pass stablecoin legislation this summer and President Trump likely to sign it into law, stablecoin regulation could soon become a reality.
Wallet Presale Project Gains Traction Among Crypto Users
Best Wallet has raised over $13.64 million in its ongoing presale, with the $BEST token currently priced at $0.025265. Users can purchase using a card or crypto, and the platform is available on both Google Play and the App Store. A countdown timer shows less than two days until the next price increase.
Built for the evolving regulatory landscape, Best Wallet offers multi-chain swaps, private key security, and real-time transaction tracking. Token holders can stake $BEST for rewards and access exclusive Web3 tools, positioning it as a user-focused, compliance-ready wallet solution.
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