Circle secures U.S. trust bank approval in crypto expansion
The approval adds to a growing list of crypto firms seeking federal banking licenses as the industry moves into the regulated financial system.
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Summary
- Circle, issuer of the USDC stablecoin, has received final approval from the U.S. Office of the Comptroller of the Currency to establish a federally supervised national trust bank.
- The new entity, Circle National Trust, will initially provide fiduciary digital asset custody services for Circle and its affiliates, with potential expansion to select institutional clients such as banks and other regulated financial firms.
- The charter positions Circle to eventually manage the reserves backing its roughly $73.2 billion USDC stablecoin under OCC oversight, deepening federal integration of major dollar-pegged crypto assets.
