KEY TAKEAWAYS
- Circle has applied to the OCC to establish a national trust bank, aiming to enhance USDC’s infrastructure and compliance.
- The proposed bank would manage the USDC Reserve and offer digital asset custody services, strengthening Circle’s position in the stablecoin market.
- Circle’s application aligns with its history of regulatory compliance, including securing the first NYDFS BitLicense and adhering to the EU’s MiCA framework.
Circle Internet Group, Inc. (NYSE: CRCL), a prominent financial technology company and leader in the stablecoin market, has formally submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank. The proposed institution, First National Digital Currency Bank, N.A., aims to operate as a federally regulated trust institution under OCC oversight.
If approved, the bank would manage the USDC Reserve on behalf of Circle’s U.S. issuer and offer digital asset custody services to institutional customers. This move is expected to bolster the infrastructure supporting USDC, the world’s largest regulated payment stablecoin.
Strengthening USDC Infrastructure and Compliance
The establishment of a federally regulated trust charter would help Circle meet anticipated requirements under the proposed GENIUS Act legislation. This legislation represents a significant step towards integrating digital assets into the broader U.S. financial system.
Jeremy Allaire, Circle’s Co-Founder, Chairman, and CEO, stated that the application marks a milestone in building a transparent and efficient internet financial system. Allaire emphasized that aligning with emerging U.S. regulations for dollar-denominated payment stablecoins could enhance the reach and resilience of the U.S. dollar.
Circle’s Regulatory Track Record
Circle’s application to the OCC builds on its history of securing key licenses and authorizations in various jurisdictions. In 2015, Circle obtained the first NYDFS BitLicense and has continued to work closely with the New York Department of Financial Services (NYDFS), a leading digital asset regulator in the U.S.
In 2024, Circle became the first global stablecoin issuer to comply with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. More recently, in April 2025, Circle received in-principle approval from the Financial Services Regulatory Authority of the Abu Dhabi Global Market to operate as a money services provider.
The full announcement can be found here.
Why This Matters: Impact, Industry Trends & Expert Insights
Circle’s application for a national trust charter aims to enhance the infrastructure supporting USDC, aligning with emerging U.S. regulations and potentially integrating digital assets more firmly into the financial system.
Recent industry reports indicate that June 2025 marked a transformative period for USDC, with significant infrastructure developments enhancing its utility and adoption. This aligns with Circle’s efforts to bolster USDC infrastructure by seeking a national trust charter, which could further support its role in global finance.
According to industry experts, Circle’s move to apply for a national trust bank charter is seen as a proactive step in aligning with U.S. regulations like the GENIUS Act. This supports Circle’s strategy to enhance trust, transparency, and compliance standards, reinforcing its position in the digital asset ecosystem.
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