Circle Secures Federal Banking Charter Approval from OCC for National Trust Operations
The USDC stablecoin provider has obtained final regulatory clearance from the Office of the Comptroller of the Currency to operate a national trust bank, starting with internal services before potentially expanding to institutional custody offerings.
On Friday, Circle, the company behind the USDC stablecoin, revealed that the US Office of the Comptroller of the Currency (OCC) has granted final authorization for the establishment of First National Digital Currency Bank (FNDCB), a federally chartered trust bank set to operate under the Circle National Trust brand.
According to Circle CEO Jeremy Allaire, "OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the US financial system."
The regulatory green light arrives approximately one year following Circle's charter application submission in June 2025, enabling the company to create a federally supervised trust institution while broadening its infrastructure for digital asset custody capabilities.
Limited custody operations planned for Circle's new banking entity
Based on the company's authorized operational blueprint, Circle National Trust will begin by offering fiduciary digital asset custody solutions exclusively to Circle and companies within its corporate family.
Should market interest materialize, the banking entity may subsequently broaden these offerings to a select group of institutional clients, encompassing traditional banks and additional financial services providers such as regulated firms operating in the derivatives sector.
The trust banking framework may additionally facilitate future oversight of the USDC Reserve, potentially placing these operational activities under federal regulatory supervision should this be pursued.
This OCC authorization represents an additional component within Circle's expanding regulatory compliance framework spanning key global financial jurisdictions.
According to Circle's statement, the company achieved a milestone in 2015 by becoming the inaugural recipient of a BitLicense issued by the New York Department of Financial Services, and subsequently became the first worldwide stablecoin provider to achieve compliance with the European Union's Markets in Crypto-Assets Regulation (MiCA) requirements in 2024.
Beyond these achievements, the organization has obtained regulatory permissions across numerous jurisdictions including the United Kingdom, Singapore, Bermuda, Canada and Abu Dhabi while building out its USDC operational infrastructure on a worldwide scale.
According to CoinGecko data available at the time of publication, USDC holds the position of second-largest stablecoin measured by market capitalization, valued at $73.3 billion. Throughout the preceding twelve months, its market capitalization has grown 16.7% from $62.8 billion, although it has experienced a 2.5% decrease year-to-date compared to its $75.2 billion valuation.
Following Friday's announcement, Circle Internet Group's (CRCL) shares experienced approximately 16% growth during pre-market trading sessions, surging above the $73 mark after the previous trading day's close at $63, based on information from Yahoo Finance.