USDC issuer Circle wins final approval for US national trust bank charter

USDC stablecoin issuer Circle on Friday announced it received final approval from the US Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank (FNDCB), a national trust bank that will operate under the name Circle National Trust.

“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.

The approval comes after Circle applied for the charter in June 2025, allowing it to establish a federally regulated trust institution and expand its digital asset custody infrastructure.

Circles new bank begins with limited custody scope

Circle National Trust will initially provide fiduciary digital asset custody services for Circle and its affiliated companies, according to the companys approved business plan.

The bank could later expand those services to a limited group of institutional customers, including banks and other financial institutions such as regulated derivatives firms, if demand develops.

Source: Circle

The trust bank structure could also enable future management of the USDC Reserve, bringing those operations under federal oversight if implemented.

The OCC approval adds another layer to Circles growing regulatory footprint across major financial markets.

Circle said it became the first company to receive a BitLicense from the New York Department of Financial Services in 2015, and later became the first global stablecoin issuer to comply with the European Unions Markets in Crypto-Assets Regulation (MiCA) framework in 2024.

Related: Standard Chartered, Circle bring USDC minting onto banking rails

The company has also secured regulatory approvals in markets including the United Kingdom, Singapore, Bermuda, Canada and Abu Dhabi as it expands its USDC infrastructure globally.

At publishing time, USDC is the second-largest stablecoin by market capitalization at $73.3 billion, according to CoinGecko. Over the past year, its market cap has increased 16.7% from $62.8 billion, though it has declined 2.5% year-to-date from $75.2 billion.

Circle Internet Groups (CRCL) stock 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.