Circle, along with Coinbase, operates USD Coin (USDC) a cryptocurrency that has its valued pegged to the US dollar. Coins of this nature are known as stablecoins. Circle has announced its intentions to become a traditional, FDIC-insured bank. Could this pave the way for USDC to become the de facto digital currency of the U.S.? Axios has a good summary.

Circle chief strategy officer Dante Disparte tells Axios that the company hasn’t yet even properly initiated the process of applying to become a bank; it’s just announced its intention to do so. Disparte says they’re willing to do “whatever the policymakers want.”