Now Banking licenses are also hard to acquire but USDC (Circle) has purchased their own Bank and they are acquiring their own Banking licenses.
Years ago, there were news articles claiming that circle's purchase of poloniex crypto exchange.
Was conducted on behalf of goldman sachs who was claimed to be a principal investor/owner of circle.
If its true they have no need to acquire a banking license, as they are operating as a subsidiary of a bank.
I think that's accurate but TBH I'm not 100% knowledgeable on the legal status of it.