In a move that would make even the most jaded financier raise an eyebrow, Stripe’s stablecoin offshoot, the whimsically named Bridge, has donned its most earnest expression and tiptoed into the hallowed halls of the Office of the Comptroller of the Currency (OCC). Their mission? To secure a national trust charter, a bureaucratic bauble that promises to lend an air of respectability to their stablecoin shenanigans. 🏦
According to the mandarins at Bridge, their new “Stablecoin-as-a-Service” platform, Open Issuance, is the financial equivalent of the Philosopher’s Stone, allowing businesses to transmute base reserves into gleaming tokens with the flick of a digital wrist. 🪙✨
Zach Abrams, the self-styled Prospero of this crypto-caliban, took to the ether of X to proclaim, “Stablecoins, my dear public, are the very bedrock of tomorrow’s financial Babel. With this charter, we shall tokenize trillions-trillions, I say!-and build a future so dazzling it will make the Medici blush.” 🧙♂️💰
Today, @Stablecoin submitted its application for organizing a national trust bank to the OCC. The charter would allow us to operate under a framework so unified it might as well be called the GENIUS Act. Through this bank, we shall custody, issue, and manage with the gravitas of a Victorian banker. 🎩📜
– Zach (@zcabrams) October 14, 2025
This regulatory tango with the OCC and the New York State Department of Financial Services (NYDFS) is, of course, a masterstroke of compliance theater. A trust charter, they assure us, will permit Bridge to custody assets with the solemnity of a Swiss vault and the oversight of a nanny state. All this, naturally, in alignment with the GENIUS Act, a legislative masterpiece that promises to make stablecoins as exciting as a tax audit. 📊🔍
Stripe, ever the acquisitive titan, snapped up Bridge in 2024 for a cool $1.1 billion-a sum that would make Croesus weep with envy. Since then, they’ve rolled out stablecoin accounts across 100 countries and partnered with Visa to ensure that one’s digital lucre can be spent with the same élan as a platinum card. 🌍💳
So, as Bridge strides boldly into this brave new world of regulated stablecoins, one can’t help but wonder: will they be the saviors of finance or merely the latest players in a game of monetary musical chairs? Only time-and the OCC-will tell. 🎢🤡
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2025-10-14 23:07