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 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, 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.
Crypto exchange Kraken is seeking a U.S. federal banking charter to complement its Wyoming SPDI subsidiary.
