Circle Receives Final Green Light from OCC to Establish National Trust Bank
Circle, the entity behind the second-largest stablecoin USDC, announced today that it has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, N.A., operating as Circle National Trust. This authorization represents a major milestone for the company, placing its trust bank under direct federal oversight.
The national trust bank charter allows Circle to provide fiduciary cryptocurrency custody services for itself and its affiliates. It also paves the way for future management of USDC reserves under OCC supervision, strengthening the stablecoin’s infrastructure by integrating key operations into the U.S. federal banking framework. Depending on demand, Circle noted it may extend custody services to a limited number of institutional clients, including banks and regulated entities.
“OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system,” said Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle. “Federal oversight of our trust bank sets a new standard for transparency, governance, and scale for Circle’s infrastructure and unlocks a new phase of adoption, where leading financial institutions can build on public blockchains with clarity and confidence.”
Circle applied for the charter a year ago and received conditional approval later in 2025 before obtaining the final authorization now. The company continues to build on its long-standing regulatory strategy.
Circle is among several crypto-focused firms to receive conditional OCC approvals in 2025, alongside Ripple, BitGo, Digital Assets, and Paxos. Ripple’s approval to establish Ripple National Trust Bank was also viewed as a step toward integrating blockchain infrastructure into the U.S. financial system.
Source: https://cryptopotato.com/circle-receives-final-green-light-to-establish-national-trust-bank/