Circle has received final OCC approval to establish Circle National Trust, a national trust bank. However, it cannot accept deposits, make loans, or offer retail banking services. Its primary function will be fiduciary digital-asset custody, with potential future expansion to institutional clients and USDC reserve management.
Circle, a stablecoin issuer, has received approval from the U.S. Office of the Comptroller of the Currency (OCC) to operate as a trust bank. This allows Circle to directly manage reserves for its stablecoins, like USDC, and shifts its regulatory oversight to a national level.
Circle has received final approval from the U.S. OCC to establish a national trust bank, moving its $73.2 billion stablecoin, USDC, under a federal banking framework. This milestone, part of a broader regulatory shift under the Trump administration, allows Circle to offer new services and safeguard customer assets.
Circle, a stablecoin issuer, received approval from the U.S. Office of the Comptroller of the Currency (OCC) to operate as a trust bank. This allows Circle to manage reserves directly for its stablecoins, primarily USDC, and will operate under the name Circle National Trust.
Circle, a stablecoin issuer, received approval from the U.S. Office of the Comptroller of the Currency (OCC) to operate as a trust bank. This allows Circle to directly manage reserves for its USDC stablecoin and shifts its regulatory oversight to a national level, boosting its appeal as regulated infrastructure for institutional clients.
Circle, a stablecoin issuer, received approval from the OCC to operate as a trust bank, allowing it to manage reserves directly for its stablecoins like USDC. This move shifts Circle towards financial infrastructure and provides national regulatory oversight.
Circle, the issuer of the USDC stablecoin, has received final approval from the US OCC to establish First National Digital Currency Bank (FNDCB), operating as Circle National Trust. This federally regulated trust institution will initially offer digital asset custody services for Circle and its affiliates, with potential future expansion to institutional clients.
Sen. Elizabeth Warren is demanding answers from the OCC regarding crypto bank charters, arguing they weaken banking safeguards and pose risks to the U.S. financial system. She also raised concerns about potential ties between the OCC and Donald Trump over a charter application.
Prime Trust's bankruptcy trust has sued Swan Bitcoin, alleging the crypto firm used insider knowledge from a senior executive to withdraw nearly $1 billion in assets, including Bitcoin and cash, days before Prime Trust's collapse in August 2023.
Crypto exchange Kraken is seeking a U.S. federal banking charter to complement its Wyoming SPDI subsidiary.
