It will be able to provide custodial services, investment management, corporate trust services, and securities transactions. Previously, Circle received a BitLicense in New York for cryptocurrency activities, becoming the first company to obtain such a license in 2015. In July, Circle received approval for a federal banking license. However, the company plans to use the New York license to issue USDC. According to CoinMarketCap, USDC, with a market capitalization of $72 billion, accounts for 23.2% of the stablecoin market.