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, 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.
Sony Bank's subsidiary, Connectia Trust, National Association, has received preliminary approval from the OCC to establish a US national trust bank. This unit will support the issuance and management of US dollar-denominated stablecoins, marking Sony's entry into regulated US stablecoin issuance with $40 million in starting capital.
Three US federal agencies propose rules to regulate stablecoin issuers like banks, requiring anti-money laundering, sanctions programs, and regular financial reporting. These measures, stemming from the GENIUS Act, aim to formalize oversight and may create significant compliance burdens, potentially leading to market consolidation.
The Blockchain Association has urged the Federal Reserve to finalize and codify the removal of reputation risk from its supervisory framework, arguing it provides neither objective nor consistent standards. The lobby group said reputation risk, used to justify debanking crypto companies under Operation Chokepoint 2.0, should be formally removed to prevent future administrations from weaponizing it against lawful businesses.
