Market structure change: Circle's application for a US trust bank license can potentially centralize the stablecoin market. If approved, USDC may gain more stability as it operates under a stricter banking - like regulatory framework. Competitors may face challenges as USDC could expand its market share, squeezing out smaller stablecoins. Impact on crypto market: A more stable USDC can boost confidence in the overall crypto market, as stablecoins are the backbone of many crypto transactions. However, if USDC dominates too much, it may also pose systemic risks if mismanaged.