Circle Banks on Trust: OCC Gives USDC Issuer the Keys to Its Own National Vault 🏦

Circle, the issuer of the $73.3 billion USDC stablecoin, received final approval from the US Office of the Comptroller of the Currency on Friday to establish First National Digital Currency Bank (FNDCB), a federally regulated trust institution that will operate under the name Circle National Trust. The company applied for the charter in June 2025. "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," Circle CEO Jeremy Allaire said.

Under its approved business plan, Circle National Trust will initially provide fiduciary digital asset custody services for Circle and its affiliated companies. The bank could later extend those services to a limited group of institutional clients, including banks and regulated derivatives firms, if demand develops. The trust structure could also enable future management of the USDC Reserve, bringing those operations under federal oversight if implemented.

The OCC approval adds to a regulatory footprint that Circle said began in 2015, when it became the first company to receive a BitLicense from the New York Department of Financial Services. In 2024, the company became the first global stablecoin issuer to comply with the European Union's Markets in Crypto-Assets Regulation (MiCA) framework. Circle has also secured regulatory approvals in the United Kingdom, Singapore, Bermuda, Canada and Abu Dhabi.

USDC, the second-largest stablecoin by market capitalization, stood at $73.3 billion at publishing time, according to CoinGecko. The figure is up 16.7% from $62.8 billion a year earlier but down 2.5% year-to-date from $75.2 billion. Circle Internet Group (CRCL) rose around 16% in pre-market trading on Friday following the announcement, climbing above $73 after closing the previous session at $63, according to Yahoo Finance data.