Circle, the issuer of USDC, has filed an application with the U.S. Office of the Comptroller of the Currency (OCC) to become a federally regulated national trust bank. If approved, the entity — to be named First National Digital Currency Bank, N.A. — would operate under direct OCC supervision, overseeing the custody of USDC reserves and providing regulated services to institutional clients.
This move aims to align Circle with traditional banking standards and grant it the ability to operate across state lines without obtaining individual state licenses. It would also enable Circle to offer digital asset custody services nationwide, similar to Paxos and Anchorage, two crypto firms that previously secured national trust charters.
The application reflects Circle’s proactive approach to evolving U.S. crypto regulations. The company is preparing for potential changes under the GENIUS Act — a proposed bill that introduces stricter oversight for dollar-backed stablecoins. The bill passed the Senate and now awaits a House vote.
“By applying for a national trust charter, Circle is strengthening USDC’s infrastructure to meet upcoming regulatory expectations,” said CEO Jeremy Allaire. He emphasized the company’s commitment to building neutral, resilient infrastructure that supports the global role of the U.S. dollar.
Circle recently went public and currently issues the second-largest stablecoin, USDC, as well as EURC, a leading euro-pegged digital token. Trust bank status would not only reinforce USDC’s credibility but also advance Circle’s position in institutional crypto finance.
The OCC's approval process is still underway, but granting such charters to other crypto-native firms in recent years suggests growing regulatory openness to blockchain-based financial services. If successful, Circle’s trust bank could reshape how regulated stablecoin issuers operate within the U.S. financial system.
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