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Circle Receives Conditional Approval from OCC for National Trust Charter
NEW YORK--(BUSINESS WIRE)--Circle Internet Group, Inc. (NYSE: CRCL), one of the world’s leading internet financial platform companies, today announced that it h
About this update from Circle Internet Group, Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--Circle Internet Group, Inc. (NYSE: CRCL), one of the world’s leading internet financial platform companies, today announced that it has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank, First National Digital Currency Bank, N.A. Once fully approved, First National Digital Currency Bank would operate as a federally regulated trust bank, subject to OCC oversight, and would oversee the management of the USDC Reserve on behalf of Circle’s U.S. issuer. The conditional approval represents an important milestone in Circle’s efforts to further strengthen the infrastructure supporting USDC1 – the world’s largest regulated stablecoin – and meet requirements under the GENIUS Act, which became U.S. law in July 2025. “Establishing a national digital currency trust bank of this kind deepens Circle’s longstanding commitment to the highest standards of trust and compliance,” said Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle. “As a public company, we’re focused on operating under rigorous regulatory oversight and building the infrastructure that allows digital dollars like USDC to become a core part of global finance. This important milestone will give the world’s leading institutions greater clarity and confidence to build on Circle’s platform as stablecoins and blockchain technology move rapidly into the mainstream.” As a national trust bank, Circle’s First National Digital Currency Bank would enhance the safety and regulatory oversight of the USDC Reserve, while enabling Circle to offer fiduciary digital asset custody and related services to institutional customers. The charter would also help Circle further align its U.S. operations with global regulatory standards for stablecoins and digital financial infrastructure. Circle submitted its application to the OCC on June 30, 2025. The OCC’s conditional approval builds on Circle’s long history of pursuing clear and rigorous regulatory pathways across jurisdictions around the world. In 2015, Circle became the first company to receive a BitLicense from the New York Department of Financial Services (NYDFS) and remains engaged with NYDFS, the leading state digital asset regulator in the U.S. In 2024, Circle became the first global stablecoin issuer to comply with the European Union’s Mark...