Embedded finance news: Stablecoins
National trust bank charter lawsuit: ICBA sues the OCC
ICBA asked a federal court on October 2 to void the OCC rule behind crypto trust charters and Protego's approval.
Coinbase Virtual Accounts run on Citi; Spring adds stablecoin checkout
Citi's Virtual Account Wallet powers Coinbase Virtual Accounts; Spring by Citi adds stablecoin checkout.
SoFi goes live with stablecoin settlement on Mastercard
SoFi Bank settles its debit and credit card program in SoFiUSD, its own bank-issued stablecoin.
Federal Reserve proposes GENIUS Act stablecoin rules
Graduated capital charges of 1% to 2%, two-day redemption and a bank application process. Comments run 60 days.
Agora National Trust Bank gets OCC conditional approval for AUSD
Agora National Trust Bank wins OCC preliminary conditional approval to issue AUSD onshore for institutions.
Marqeta and BVNK partner on stablecoin-backed cards
Marqeta will issue cards funded by stablecoin balances, with BVNK, now part of Mastercard, behind them.
Treasury proposes rules on stablecoin issuance in the US
Treasury's proposed rule sets when a payment stablecoin counts as issued or offered in the United States.
FDIC approves deposit insurance for Augustus National Bank
The FDIC approved deposit insurance for Augustus National Bank, a Dallas de novo with a stablecoin plan.
Visa launches a stablecoin platform with Open USD
Visa opened a beta stablecoin platform for minting, wallets and settlement, starting with Open USD.
Circle gets final OCC approval for its national trust bank
The OCC granted final approval for Circle National Trust; custody starts with Circle and its affiliates.