US Regulator Approves Circle's National Trust Bank Charter
The Office of the Comptroller of the Currency has approved Circle's plan to establish a national digital currency trust bank, allowing it to operate under federal oversight.
The U.S. Office of the Comptroller of the Currency (OCC) has approved Circle Internet Group's application to establish Circle National Trust, a national digital currency trust bank. The New York-based company, known for issuing the USDC stablecoin, announced the approval on July 10.
The newly chartered trust bank will consolidate support for USDC and provide institutional digital asset custody services under a single federal regulatory framework. This move shifts Circle's operational oversight from a state-by-state approach to federal chartering.
Circle National Trust will be authorized to hold assets and process settlements but will not be permitted to accept customer deposits, a distinction from full-service banks. The approval comes as regulatory frameworks for stablecoins, such as the GENIUS Act, evolve, expanding the OCC's authority.
USDC is currently the second-largest stablecoin by market capitalization, with approximately $73.3 billion in circulation. Circle's successful bid for a national trust charter follows similar efforts by other blockchain companies; Paxos has also sought a national trust charter from the OCC.