Stripe will apply for a federal banking license to comply with U.S. stablecoin regulations

Jinse Finance reported that payment giant Stripe will apply for a federal banking license to comply with US stablecoin guidelines. The company also plans to apply for a trust license from the New York State Department of Financial Services. On Tuesday, Stripe announced that it will allow any business to launch its own stablecoin. In a statement, Stripe said that the new product, called "Open Issuance," "enables any business to launch and manage its own stablecoin with just a few lines of code." This new service will be supported by Bridge, which Stripe acquired last year for $1.1 billion. Stripe stated: "Businesses are free to mint and burn tokens, customize their reserves to manage the ratio between cash and treasuries, and choose their preferred partners. Treasuries are managed by BlackRock, Fidelity Investments, and Superstate. Cash is held by Lead Bank to provide liquidity when necessary."