Circle has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish Circle National Trust, a federally regulated national trust bank. The approval enables the company to launch institutional digital asset custody services while creating a pathway for future management of USDC reserves under direct U.S. federal banking oversight.
Circle, the issuer of the USDC stablecoin, has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish Circle National Trust, formerly chartered as First National Digital Currency Bank, N.A. The approval marks one of the most significant regulatory milestones for a stablecoin issuer in the United States, placing Circle's trust bank under the direct supervision of the OCC the primary regulator for national banks and trust institutions.
Initially, Circle National Trust will provide fiduciary digital asset custody services for Circle and its affiliated companies. According to the OCC-approved business plan, the bank may later extend custody services to institutional clients, including banks and other regulated financial institutions, depending on market demand. The trust bank also creates a pathway for Circle to eventually manage the reserves backing USDC under a federally regulated banking framework, further strengthening transparency, governance, and oversight of the stablecoin.
Commenting on the approval, Circle Co-Founder and CEO Jeremy Allaire described the charter as a defining step toward integrating blockchain technology into the U.S. financial system. He said federal oversight establishes a new standard for transparency, governance, and scale while giving financial institutions greater confidence to build on public blockchain infrastructure.
Circle first applied for the National Trust Bank charter in June 2025 and received conditional approval later that year before securing final authorization. The latest approval builds on Circle's broader global regulatory strategy. The company became the first crypto firm to receive a New York BitLicense in 2015 and the first global stablecoin issuer to comply with the European Union's Markets in Crypto-Assets (MiCA) framework in 2024. Circle also holds regulatory approvals in the United Kingdom, Singapore, Bermuda, Canada, and Abu Dhabi.
The development comes as banks, payment providers, and financial institutions increasingly explore regulated stablecoins for payments, custody, settlement, and tokenized financial services, reinforcing the growing role of compliant digital asset infrastructure within the global financial system.
The circle's approval to establish a federally regulated national trust bank represents a significant milestone in the institutional adoption of stablecoins. Beyond expanding its custody capabilities, the move positions USDC within the U.S. banking framework and strengthens confidence in regulated blockchain-based financial infrastructure as institutional demand for digital asset services continues to grow.
