The American Bankers Association opposes the applications for national trust bank charters from Circle and three other companies.

[Coin World] The American Bankers Association has written to the Office of the Comptroller of the Currency (OCC) opposing the recent applications for national trust bank charters made by stablecoin companies Circle, Fidelity Digital Assets, Protego Trust, and Ripple. The American Bankers Association believes that these companies have not disclosed sufficient information for public comment and claims that these applications are a backdoor to becoming national banks. Therefore, they hope that the OCC will delay the approval process until regulators publish sufficient information regarding the applicants' expected business plans and disclose other aspects of the applications for public review and stakeholder comments.