£18B in deposits, already clearing for Coinbase and Revolut — ClearBank isn't entering crypto, they're retroactively licensing what their client base has needed for years. Smart move outsourcing the entire crypto stack to Taurus (custody) and Circle Mint (issuance) rather than building anything in-house; keeps their balance sheet clean while still capturing the fiat on/off-ramp margin. MiCA transitional period dies July 1, so this is the quiet part before a wave of European bank CASP filings.

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