Circle has received final approval from the US banking regulator to launch a national trust bank, initially providing digital asset custody for the company and its affiliates, with plans to expand services to institutional clients.
USDC issuer Circle announced on Friday that it has received final approval from the US Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, which will operate as Circle National Trust.
”OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the US financial system,” Circle CEO Jeremy Allaire said.
The approval follows Circle’s application for a national trust bank charter in June 2025 and allows the company to operate a federally regulated trust institution while expanding its digital asset custody business.
Bank to start with custody for Circle
According to its approved business plan, Circle National Trust will initially provide digital asset custody services for Circle and its affiliated companies.
The bank may later expand custody services to a limited group of institutional clients, including banks, regulated financial institutions and derivatives firms, depending on market demand.
The trust bank could also eventually oversee management of the USDC Reserve, bringing reserve operations under federal banking supervision if Circle moves forward with those plans.
The approval strengthens Circle’s regulatory presence as it continues expanding globally. The company was the first to receive a New York BitLicense in 2015 and became the first global stablecoin issuer to comply with the European Union’s Markets in Crypto-Assets (MiCA) framework in 2024.
Circle has also obtained regulatory approvals in the United Kingdom, Singapore, Bermuda, Canada and Abu Dhabi as it expands USDC services worldwide.
USDC is currently the world’s second-largest stablecoin, with a market capitalization of about $73.3 billion, according to CoinGecko.
Shares of Circle Internet Group (NYSE: CRCL) rose about 16% in premarket trading after the announcement, climbing above $73 after closing the previous session at $63, according to Yahoo Finance.
Featured image from: cointelegraph.com