Circle Internet Group received approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank – a national trust bank.
The bank will operate under the name Circle National Trust.
The OCC approval of a national trust bank charter represents a major U.S. regulatory milestone and strengthens the infrastructure of USDC1 – the world’s largest regulated stablecoin. It places Circle National Trust under direct federal oversight by the OCC, the primary regulator for national banks and trust banks.
As a federally regulated national trust bank, Circle National Trust aligns digital asset infrastructure with safeguarding client assets under strict fiduciary standards. This brings USDC infrastructure into a federal banking framework.
Circle National Trust will offer fiduciary digital asset custody services for Circle and its affiliates. The charter is also designed to enable future capabilities, including management of the USDC Reserve, which would bring those operations under federal regulatory oversight.
“OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system,” Jeremy Allaire, co-founder, chairman, and CEO of Circle, said. “Federal oversight of our trust bank sets a new standard for transparency, governance, and scale for Circle’s infrastructure and unlocks a new phase of adoption, where leading financial institutions can build on public blockchains with clarity and confidence.”
Circle’s platform includes the world’s largest regulated stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet.